Property Law: 23 March 2019
Amendments to the Sale of Land Act require changes to be made to the form of and information contained in Vendor Statements required to be given to purchasers before the sale of real estate. The changes commenced on 1 October 2014.
If the real estate is vacant residential land or land on which there is a residence the selling agent or the vendor where there is no selling agent must provide to a purchaser a due diligence check list. The check list is available on the Consumer Affairs Victoria website.
In addition to the information previously required the following changes have been made:
The Vendor must state if the OC is inactive in the previous fifteen months by not:
- holding an annual general meeting;
- fixing any fees; and
- holding any insurance.
Inactive OC's may give rise to other issues for a Vendor particularly in relation to the continuing obligation for an OC with three or more lots to hold insurance.
Vendors with an active OC may elect to specify the prescribed information or obtain a certificate from the OC.