×

Goodbye Sustainability Declarations! Residential Real Estate Reforms

The amount of paperwork you are required to complete when selling your home is hefty to say the least. The strict paper trail that must be complied with puts a greater burden on sellers and agents already facing a monumental transaction.

A small step towards lessening this administrative work load was taken recently, as reforms were introduced into Parliament that seek to remove the requirement for sellers and agents to provide Sustainability Declarations to potential buyers when advertising residential properties.


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.

If you would like more information on this topic please do not hesitate to contact Robert Lalor from our Property Services Team on +617 3223 6100 or via email: robertl@redchip.com.au.

Back to Articles
Redchip

Recent Articles

Myriad2018-FB-ShareImg_932
Mingling at Myriad 2018

Our commercial team shares some game-changing takeouts from the second annual Myriad festival.

Read more
young-male-hiding-head-in-sand-picture-id519012383
Data privacy and protection just got serious

If you’re not aware of the European Union’s General Data Protection Regulation (GDPR) that came into effect on May 25, you must have had your head in the sand for the past few months.

Read more
young-man-making-a-promise-picture-id661885844
A Chief Trust Officer – are you kidding?

During a chat with a very young (and obviously talented) AI developer, it dawned on me that the millennials we are doing business with place a very different meaning on trust and integrity.

Read more