Understanding and exploring property contracts and Section 32 is extremely important when buying property in Victoria. A property contract outlines the sale's terms, including details like the purchase price and settlement date. It's vital to have this contract reviewed by a professional. Section 32, or the Vendor Statement, legally required from the seller, provides essential information about the property, such as zoning and financial obligations. Buyers should be aware of encumbrances and easements that could affect the property's use or value. Conducting due diligence, like building inspections, and seeking legal advice is recommended to make informed decisions and mitigate risks in property transactions.