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Industry Updates

Property Inspection Reports - New Laws

 

When a prospective buyer asks for a contract of sale, the agent must let the buyer know about property inspection reports done for that property. By being informed about the reports already commissioned, the buyer can choose to negotiate a cheaper price to purchase a report, instead of commissioning their own

 

How it works....

 

Agents are required to record and disclose information about pest and building inspection reports

The agent is obliged to:

  • Keep records of reports they are aware of
  • Include report details that they can obtain such as:
    • the date of the inspection
    • who requested the report
    • if the report is available to be purchased
    • contact details of the report's author for the buyer
    • if the report author has public indemnity insurance

sellers and prospective buyers are not obliged to provide or tell the agent about reports

 

If an agent seeks information from a seller or an inspector but they refuse to provide it, then the agent has still followed their legal requirement to make reasonable efforts to gain the information about available reports

 

New laws for loose-fill asbestos

 

Did you know the Residential Tenancies Act 2010 has amended clause 7 to add a property being listed on the LFAI (Loose-Fill Asbestos Insulation) register as a material fact that must be disclosed to potential tenants.

 

NSW Fair Trading has also amended the New tenant checklist to include a property being listed on the LFAI register.

 

From 30th October 2016 the standard residential tenancy agreement will be amended to require disclosure during a tenancy if the property is listed on the register

 

Remember - This is now also part of material fact disclosure when you are listing a property for sale