Key recommendations in the Real Estate Institute of Victoria’s “Blueprint for Marketing of Residential Real Estate in Victoria” released in January this year, have been accepted by the Victorian government.
The eight-point blueprint aims to find balance between vendor and buyer best interests, increasing transparency and boosting consumer confidence in Victoria’s residential property transactions. One key element accepted by the Victorian government is the requirement for building and pest inspections to be included in Vendor’s Statements.
While this may look like a convenient time and cost saving for buyers, Chamberlain Property Advocates strongly suggests that buyers should not trust building and pest inspection reports they haven’t obtained themselves, and that they should continue to organise their own in addition to that supplied by the vendor.
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By Wendy Chamberlain
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