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Price-quoting legislation change - Victoria

posted by:  Gabrielle Gesti

post date:  April 10, 2017

category:  Investing

PRICE-QUOTING

Written by – Tim Neary and published by Smart Property Investment

Buyers and sellers of residential property in Victoria need to be aware of new price-quoting legislation which will affect the way agents quote and market homes, says the Real Estate Institute of Victoria.

The estate agents amendment (underquoting) bill 2016 is set to come into effect on 1 May and will apply to all residential homes sold by private sale or at auction.

Price-quoting under the new legislation, agents will be required to provide all prospective purchasers with a ‘statement of information’, essentially a buyer fact sheet containing three comparable sales, the town’s median house price and the agent’s estimated selling price.

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