Each property comes with its unique intricacies, and there are occasions when certain details must be disclosed to potential buyers. But what specific information should you share with your agent and prospective buyers when selling? This guide offers a general overview of what sellers typically need to disclose about their property.
A cautionary note is in order, as disclosure requirements vary from state to state. Additionally, some state governments are introducing new regulations in this realm. Consumer protection laws are in place nationwide, offering buyers a level of safeguard.
While this article provides a broad guide, it is advisable to seek professional legal advice from your conveyancer or solicitor regarding specific disclosure obligations. It’s crucial to be aware that there are fines and penalties for failing to disclose significant information that could impact the property’s value or livability.
Now, let’s explore common areas that generally necessitate disclosure…
Five Common Areas
As outlined by realestate.com.au, sellers often need to disclose information in five common areas to potential buyers:
- Limitations and Restraints:
- Easements: Sections of land that others have the right to use for specific purposes.
- Covenants: Rules applying to the property or a portion of it.
- Leasing: Situations where the property is subject to a rental agreement post-sale.
- Zoning: Pertaining to factors such as flood zoning, bushfire-prone areas, and more.
- Building Approvals:
- If improvements or additions have been made, documents indicating approval or adherence to specific building standards may be required.
- Unapproved structures, such as patios, pools, gazebos, or additions, may also need to be disclosed.
- Property Defects:
- Although buyers usually conduct their own inspections, sellers are generally expected to disclose any defects with the property, including structural issues, dampness, pest problems, and non-functional fixtures or appliances.
- Sensitive Issues:
- In certain states and territories, sellers must reveal any circumstances not immediately apparent but that would impact the buyer’s perception of the property. For instance, if the property was the site of a major crime like a murder, disclosure is required.
- Asbestos:
- Asbestos, once a commonly used building material until the 1990s in Australia, may need to be disclosed if present in the property, as per the requirements of some states and territories.
In matters of property disclosure, honesty is paramount. Transparent and ethical transactions are facilitated when sellers truthfully share information, enabling buyers to make informed decisions. As disclosure laws vary, seeking guidance from legal representatives is prudent when in doubt.
If you’re contemplating a property transaction, consider engaging with our friendly agents to gain insights into your local market. We focus not just on property but on the people and stories behind it. Explore our current list of available properties.