Statement Of Information
You are in the market to purchase a new property and have just stumbled across your dream home. The problem is, you have no idea of the expected selling price. This is where the Statement of Information will give you all the information that you need to help you make an informed decision.
What is the Statement of Information.
On the 1st May 2017 changes to the Estate Agents Act 1980 came in to effect. The new laws help to strengthen the existing underquoting laws already in place in Victoria. The Statement of Information must be completed by Agent's for all residential homes being sold by private sale or auction in Victoria. The Statement of Information must be;
- In a form approved by Consumer Affairs Victoria
- Displayed at all Open for Inspections
- Included with all online advertising
- Given to a prospective buyer within two business days of a request
What you will find on the Statement of Information
- The property address
- The indicative price - this can be a single price or a price range of not more than 10%
- Median house price for the suburb that the house is for sale
- 3 comparable properties that have been sold within 2 kilometres and within six months. If there are no comparable properties you will see the letter B in the fields where you would normally see the comparable properties.
Where do i find the Statement of Information
- If you are searching on Realestate.com, you will find the link to the Statement of Information directly under the description of the property underlined in red
- if you are searching on Domain, you will find the link under the heading Price Guide.
If you are unable to find the Statement Of Information you should call the agent to request a copy as it will provide you with valuable information to help you make an informed decision.