Do you have an obligation to disclose all known Material Facts to the purchaser? What Act covers this? aus victoria
In Victoria, Australia, the obligation to disclose material facts to a purchaser is primarily governed by the Estate Agents Act 1980 and the Sale of Land Act 1962.
Under these acts, sellers (and their agents) are required to disclose certain material facts that could affect a buyer's decision to purchase a property. Material facts may include issues such as:
Failure to disclose such material facts can lead to legal consequences, including the potential for the buyer to rescind the contract or seek damages.
It's important for both sellers and agents to be aware of their obligations under these laws to ensure compliance and protect the interests of all parties involved in a property transaction. If you are involved in a property transaction, it may be beneficial to consult with a legal professional or a qualified real estate agent for specific advice.