Do you have an obligation to disclose all known Material Facts to the purchaser? What Act covers this? aus
In Australia, the obligation to disclose material facts to a purchaser is primarily governed by the Australian Consumer Law (ACL), which is part of the Competition and Consumer Act 2010. Under the ACL, sellers (including real estate agents and property sellers) are required to act honestly and not mislead or deceive consumers. This includes the obligation to disclose any material facts that could influence a purchaser's decision.
In the context of real estate transactions, material facts may include issues such as structural problems, pest infestations, zoning issues, or any other significant information that could affect the value or desirability of the property.
Additionally, each state and territory in Australia may have its own specific legislation and regulations regarding property sales and disclosures. For example, in New South Wales, the Property, Stock and Business Agents Act 2002 and the Conveyancing Act 1919 outline specific disclosure requirements for property transactions.
It's important for sellers and agents to be aware of their obligations under both the ACL and relevant state or territory laws to ensure compliance and avoid potential legal issues.