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.

Single residential property located in the Melbourne metropolitan area – 16 September 2019 (Word, 136KB)

Single residential property located outside the Melbourne metropolitan area – 16 September 2019 (Word, 135KB)

Multiple residential properties located in the Melbourne metropolitan area – 16 September 2019 (Word, 136KB)

Multiple residential properties located outside the Melbourne metropolitan area – 16 September 2019 (Word, 137KB)

To assist in preparing an SOI and complying with underquoting legislation, there’s also updated:

Guidelines for Selecting Comparable Sales

Underquoting Factsheet

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.

Related Articles

View All
Property & Development

Further announcements concerning the Victorian budget for 2021-2022. What are they?

The State Government has now released further announcements concerning the Victorian budget for 2021-2022 in...
Read More
Property & Development

2021/2022 Victorian budget, overview on how the changes to taxes will affect the property market

Land Tax Increases to land tax will be raised for properties worth more than $18 million from 1 January 2022 Land tax...
Read More
Property & Development / Real Estate Agents

Changes to the Residential Tenancies Act 1997 (Vic). What do the changes mean for real estate agents, landlords and tenants?

The amendments come into effect 29 March 2021 and are intended to make renting residential property fairer and safer in...
Read More
Property & Development / Leasing & Lease Disputes / Owners Corporations & Strata

Head leases and the Retail Leases Act 2003

In the recent case of Izett St Pty Ltd v Applgold Pty Ltd (Building and Property) [2021] VCAT 174 (3 March 2021, Senior...
Read More
Property & Development

Due Diligence – Interview with Ron Cohen

Principal, Ron Cohen was recently interviewed to discuss the reasons why it is important to have a good property...
Read More
Franchising & Licensing / Leasing & Lease Disputes / Property & Development

Amendments to the Commercial Tenancy Relief Scheme

In this blog, we have referred to the original regulations[1] as the “Principal Regulations” and the amending...
Read More
Leasing & Lease Disputes / Property & Development / Real Estate Agents

COVID-19 and the New Changes to Leasing

Additional measures are being introduced in relation to commercial tenancies, including the following: An extension to...
Read More
Leasing & Lease Disputes / Property & Development / Real Estate Agents

COVID-19 Lease Update – The Regulations are in. It’s time to negotiate in good faith

The Covid-19 Omnibus (Emergence Measures) (Commercial Leases and Licences) Regulations 2020 (“the...
Read More
Leasing & Lease Disputes / Real Estate Agents / Property & Development

COVID-19 and Leases – The Legislation has arrived. What now?

On 24 April 2020 the COVID-19 Omnibus (Emergency Measures) Act 2020 (“the Act”) passed Victorian Parliament What is...
Read More
Leasing & Lease Disputes / Property & Development / Real Estate Agents

COVID-19 | Landlords and Tenants what do you do?

The Prime Minister has just announced a COVID-19 Mandatory Code for Commercial Tenancies But what is it and how is it...
Read More
Property & Development / Developments

GST easy as 1-2-3

Here are the top three questions we get asked by clients when it comes to GST and property   1 Is GST payable when...
Read More
Property & Development / Real Estate Agents / Leasing & Lease Disputes

The Retail Leases Amendment Bill 2019: What do the proposed changes mean for landlords and tenants of retail premises?

The Retail Leases Act 2003 (the “Act”) as presently drafted is intended to provide certainty and fairness in retail...
Read More