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REINSW lobbying for vendor disclosure legislation to also apply to property owners
15 November 2010
In addition, REINSW wants the NSW Government to provide clarity on the definition of ‘material fact’, or as it is know in other jurisdictions ‘stigmatised property’.
The move is aimed at filling the gaps in existing disclosure laws to provide an even greater level of protection for consumers.
“We are calling on the NSW Government to urgently address key weaknesses in the current vendor disclosure laws that could leave consumers exposed,” said REINSW President Wayne Stewart.
“At the moment, only real estate agents are obliged to provide full disclosure on a property that is either being sold or leased.
“While this policy has had a positive effect for consumers, it only goes part of the way in terms of ensuring full vendor disclosure.
“Clearly there is also an obligation on the property owner to disclose to the agent information relevant to the property, which a person looking to purchase or lease the property should be made aware of.
“Further, the current legislation provides no definition of what constitutes ‘material fact’ or in what specific circumstances a property can be considered ‘stigmatised’.
“It is important that the Government works to develop an effective definition in order to provide consumers, agents and vendors with certainty.
“These two issues are real weaknesses in the current controls.
“That is why REINSW has been lobbying the NSW Government to amend the current legislation in order to provide the highest level of protection for the public whether they are renting or buying property,” said Mr Stewart.
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