New law mandates vendors and agents disclose material facts about a property

New Material Fact Guidelines now in effect – Consumer Affairs Victoria

From 1 March 2020, there is a new requirement for vendors and agents to disclose important material facts about a property. Agents should familiarise themselves with the Material Fact Guidelines which detail types of material facts, and when and how they should be disclosed.

Material facts could include:

• combustible cladding or asbestos on the property
• prior use as a clandestine drug laboratory
• the property being the site of a homicide or other major crime; and

building work on the land that did not have required building or planning approvals

https://www.consumer.vic.gov.au/housing/buying-and-selling-property/selling-property/preparing-to-sell-your-property?utm_medium=email&utm_campaign=Real+estate+agent+and+conveyancer+update%3A+March+2020&utm_content=consumer.vic.gov.au%2Fhousing%2Fbuying-and-selling-property%2Fselling-property%2Fpreparing-to-sell-your-property&utm_source=submit.consumer.vic.gov.au