It's important to remember that the contract of sale and section 32 vendor statement is the most important document during the conveyancing process. The contract will record the terms of the sale and is a legally binding document. Breaching its terms can have serious legal ramifications. A section 32 vendor statement is a set of documents that must be given to a potential buyer of the property before they sign a contract pursuant to the Sale of Land Act 1962 (Vic).