ALL vendors want the best price possible when selling their home and vendors will work with the real estate agent to identify attractive selling points for a home when they first meet to discuss the sale.
However, it is also important for vendors to know that legally they must disclose any information on the property which would negatively alter the value so that the real estate transaction is transparent and the buyer knows exactly what they are purchasing.
These disclosures must then be included in the Form 1, which the real estate agent will complete when they prepare the contract for sale.
Disclosures may include information such as buildings on the property featuring asbestos, unusual easements or known building defects.
On rural properties, it may be native title claims on the land, restrictions on land use and water entitlements. It also is important for vendors to en- sure any maintenance on the property is done by a licensed professional.
Even though an unlicensed handyman may offer to do a job at a cheaper price, it is imperative the job is done properly.
The vendor has a duty of care to the purchaser and should any problems occur with the new owner in the future, the vendor may be legally liable.
Your real estate agent will be able t o provide f urther i nformation on what needs t o be disclosed i n a sales contract.
If you are unsure, take the time to ask so that you can be confident your sale will go smoothly with no nasty legal surprises in the future.