As the world becomes more globalised it is increasingly common for Vendors to sell property across different states and territories.
In Australia, certain attributes of a property must be disclosed by a vendor to the purchaser prior to the sale. Vendor disclosure obligations are unique to each state. As a result of this, it is important for Vendors to be aware of their obligations to ensure a smooth settlement process.
Victoria, New South Wales, and Australian Capital Territory
Vendors in Vic, NSW, and ACT are obligated to obtain and disclose the following information, as per state government legislation.
|VIC – Sale of Land Act 1962, 2017||NSW – Conveyancing Act 1919,|
Conveyancing Regulation 2017
|ACT – Civil Law Act 2003|
|Register search statement||Property certificate||Crown lease|
|Copy of Plan Covenant||Plan of subdivision||Certificate of title|
|Caveat Planning certificate||Encumbrances||Deposited plan|
|Owner’s corporation certificate||Planning certificate||Encumbrances|
|Land information certificate||Service location diagram||Lease agreement|
|Water information statement||Sewerage service diagram|
|Land tax certificate|
|Vic Roads certificate|
|Building permit certificate|
|Builder warranty insurance|
Vendors in QLD are required to disclosed the following information, according to the Real Estate Institute of Queensland (REIQ).
- Volume and folio
- Description of the land
- Lease agreement
- Pool compliance
- Electrical safety switch and smoke alarm
- Neighbourhood disputes
- Infrastructure that does not provide a service to the land
- Building works
Vendors in South Australia are required to serve a Form 1 document to Purchasers, which is usually prepared by the Agent.
The document should include:
- Description of the land
- Name of the registered proprietor
- Property information statement
- Emergency services levy certificate
- Land tax certificate
- Water certificate
The Real Estate Institute of Tasmania (REIT) indicates that vendor disclosure statements are not necessary, and that it’s the responsibility of the Purchaser to complete due diligence. However, Vendors should advise Purchasers of any restrictions in place on the property.
Like Tasmania, the Real Estate Institute of Western Australia (REIWA) indicates similar disclosure practices, and the responsibility lies with the Agent to find and verify any notable issues regarding the property and inform the Purchaser.
Similar to Tasmania and WA, Vendors in NT are also not required to disclose any issues that may affect the saleability or value of the property, or to give any warranties.
While Vendors in other states have minimum disclosure obligations and agreements, in NT any notable disclosures will be outlined in the property contract. These disclosures may include:
- Certificate of title
- Copy of plan
At Wealthsource Legal we are experienced in drafting contracts for Vendors all over Australia. Please contact our team at [email protected] or call us on +61 3 9590 618 if you need support with selling your property.