Depending on the location of your property (NSW, QLD, VIC, SA, WA, ACT, NT, TAS), some regulations mandate what you need to tell potential buyers when you sell. It is important that you gain legal advice to ensure that your situation is considered.
Let’s look at some of the general rules of disclosure.
Pre-contractual disclosure – You are obliged to disclose any limitations, restraints or defects within the title of your property.
- Zoning – flood zones, bushfire zones
- Easements – electrical, gas or water, or it may be a shared driveway
- Leasing – any rental agreement that will remain after settlement
- Covenants – the front of the property may need to remain untouched, certain colours etc.
Building approvals – If you have made changes to your property, these should be covered by approvals for the works. Conversely, it is wise to disclose anything that is not approved. Perhaps you have added a granny flat without approval; this must be disclosed.
Property defects – In most states, disclosing any known defects such as structural problems is required.
Sensitive disclosures – If the home has been used for illegal drug manufacturing, it must be declared along with proof of repair to minimise health issues. If the property has been the site of a murder, crime or accident, this may also need to be declared.
Asbestos – This should be disclosed if you have, could have, or had had asbestos. For example, the ACT requires asbestos advice and acceptance report.
If you are unsure about what needs to be disclosed, your legal professional can advise you. You run the risk of heavy fines, a lost buyer, and more by not disclosing something, so it is just not worth the risk.
Are you selling your home? Speak to the team at Select Conveyancing to ensure you have everything in order. We are your local Lane Cove professional conveyancers.