Property buyers in Victoria will now have further disclosure from vendors about the property they’re looking to buy, according to recent legislation changes.
As of 31 July 2013, all purchasers must be told up front whether their property is in a bush fire-prone area.
Consumer Affairs Victoria noted that this was following recommendations to the 2009 Victorian Bushfire Royal Commission, which will amend Section 32 of the Sale of Land Act 1962.
Investors looking closely at contracts from August onwards should look for the following: ‘32(2)(dc) if the land is in a bush fire-prone area within the meaning of regulations made under the Building Act 1993, a statement that the land is in such an area’.
Despite this, new buyers are still encouraged to undertake their own due diligence by checking themselves via the Victorian government’s Land Channel.
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