What is a Sustainability Declaration?
A Sustainability Declaration is a checklist that identifies the sustainability and environmental features of a property. The law currently requires the seller of a house, unit or townhouse to give to a proposed buyer a signed Sustainability Declaration before the buyer enters into a contract of sale, and the seller’s agent must ensure the Sustainability Declaration is available as part of the advertising process.
What Does This Mean for Me?
The amendments retain provisions to protect buyers and sellers in existing contracts and it is worth noting that transitional rules in the Treasury (Cost of Living) and other Legislation Amendment Act 2012 stipulate the change in the law is not retrospective. Therefore, a buyer who incurs loss through a false or misleading statement given before 27 June 2012 (which is the transitional date) still has a right to seek compensation from a seller.
The abandoning of this requirement is a positive change for the residential real estate industry as it will assist in alleviating the administrative burden sellers and agents face from the strict and onerous compliance regime currently in place.
For More Information
Redchip is working closely with all of our clients and affiliated real estate agents to ensure they remain updated with the latest changes in the residential real estate sector.
We will monitor the progress of this Bill through Parliament and keep you promptly updated with information that may affect you.