What is a Statement Of Information?
Hi I’m Brenan McGann from the Max Brown Real Estate Group, welcome to this week’s update of The Edge where we are discussing what is a Statement Of Information?
On the 1st of May 2017, changes to the Estate Agents Act 1980 came into effect to strengthen laws against underquoting in Victoria. A component of this was the introduction of a Statement Of Information for each residential property an agent is engaged to sell.
What does a Statement Of Information include?
The Statement Of Information must include-
- An indicative selling price for the property- which must be a single price or a price range of up to 10%
- 3 comparable sales within the last 6 months (Melbourne metro area) and within 18 months for outside the metropolitan area, including the address, date of sale, and sale price; or if there are no comparable properties a statement outlining that you reasonably believe there are less than three comparable sales within the prescribed period
- The median house or unit price for the suburb This may be for a period of between three to 12 months, and must not be more than six months old.
Where should the Statement Of Information be displayed?
By Law, it is required to be:
- Displayed at all open for inspections
- Included with online advertising
- Given to prospective buyers within 2 business days of the request
- And updated when there is a change in the indicative selling price
How does the Statement Of Information assist purchasers?
It provides a prospective buyer with valuable information that can assist them in making an informed decision regarding the property.
If you are purchasing property, be sure to request a copy of the Statement Of Information.