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Details about murders, clandestine labs, flammable cladding or asbestos can no longer be swept under the rug in Victoria.
As part of new property laws that came into effect in Victoria this week, vendors and agents have to be transparent about any material facts about a property when listing it.
“We take the protection of home buyers seriously, which is why we’ve introduced strict new laws to make sure Victorians aren’t being ripped off or lied to,” Consumer Affairs Victoria Minister Marlene Kairouz said.
“Vendors and agents who fail to comply with the law will face tough penalties, including imprisonment for the most serious offences.”
The Material Fact Guidelines says vendors or agents must reveal any information as soon as a prospective buyer indicated they are considering purchasing the property.
Other changes include fines up to $16,000 for auctions held before 1pm on Anzac Day, a ban on some rent-to-buy arrangements as well as new offences linked to terms contracts, with jail time on the table for those who disobey.
“The existence of these new laws will give Victorians the protection they need to confidently enter the property market,” Ms Kairouz said.
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