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Material Fact Guidelines
Key changes to the Sale of Land Act 1962.
The Sale of Land Amendment Act 2019 came into effect in March 2020, making it an offence for a vendor, or any person acting on their behalf, to conceal from potential buyers a material fact about the property they are selling.
Consumer Affairs Victoria defines a material fact as that which would be important to a potential purchaser in deciding whether or not to buy a home or land. A material fact can also be something that may influence a purchaser to buy a home or land at a certain price.
Examples of material facts may include, but are not limited to, a property’s past history as a drug lab, having asbestos or a termite infestation
Search Estate Agent Registrar
It’s important to confirm the real estate agent you’re considering buying a property through is licensed. You can do this by checking the Business Licensing Authority (BLA) Register here.
Information on the register includes the date a licence was granted, surrendered, cancelled or suspended, any tribunal or court orders concerning the agent or agent’s representative that affect their licence or status, and the name and registered office details of the licensee.