URGENT LEGAL UPDATE – New Statements of Information just released
By Phillip Leaman
3 September 2019
Tisher Liner FC Law were consulted by Consumer Affairs Victoria in respect to their review of Statements of Information, guidelines for selecting comparable properties and their online frequently asked questions. As a result of feedback from our office and others, Consumer Affairs Victoria have made some changes to these documents. A couple of major changes include:
- There is no longer an ‘online’ statement of information. You just use the one relevant to the circumstances.
- You can no longer customise the statement of information. You must not alter the wording, sequence or layout of information in any way. However, you may add an additional page or pages containing further information or branding, such as a branded cover page, or a further page containing extra details about the comparable properties.
- You can also use a Statement of Information prepared by a supplier as long as the wording, sequencing and layout of information is the same as the approved form and not altered in any way.
The new statement of information forms must be used from 16 September 2019.
Use of the old forms after this date will mean non-compliance with the Act.
To assist in preparing an SOI and complying with underquoting legislation, there’s also updated:
The Statement of Information must be:
- displayed at all open for inspections
- included with online advertising
- given to a prospective buyer within two business days of a request
- updated if there is a change in the indicative selling price.
This is a timely reminder for staff to be refreshed on the underquoting laws and their requirements. We can hold standard and customised in-house seminars on the updates and refresher seminars on the underquoting laws if required on a professional basis. Whilst the forms and guidelines have been updated, as always, not all questions have been answered by Consumer Affairs Victoria in the fact sheet.
If you would like to arrange a time for Phillip Leaman to come talk to your staff about the new forms and to provide a general refresher of the laws, please contact him to arrange a suitable time and to discuss the costs to provide a customised in-house seminar.
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