Victorian Current Acts Victorian Current Acts(1) If an estate agent is engaged or appointed to sell any residential property, the agent or an agent's representative employed by the agent must prepare a statement of information for the residential property.
(2) A statement of information must—
(a) include an indicative selling price for the residential property that is expressed as—
(i) a single amount; or
(ii) a price range where the difference between the upper and lower limits of the range does not exceed 10 per cent of the amount of the lower limit of the range; and
(b) include the median selling price for residential property—
(i) sold in the same suburb in which the residential property is located; and
(ii) sold during a period of not less than 3 consecutive months and not more than 12 consecutive months ending not more than 6 months before the information statement is prepared; and
(c) specify the type of residential property to which the median selling price included in the statement relates; and
Example
A statement of information may specify that the median selling price included in the statement relates to houses or units.
(d) include the period described in paragraph (b)(ii) used to determine the median selling price included in the statement; and
(e) if the agent or representative took the sale price of 3 comparable properties into account in accordance with section 47AC in determining the estimate of the selling price—include the address, sale price and date of sale of those properties; and
(f) if the agent or representative did not take the sale price of 3 comparable properties into account in accordance with section 47AC—state that the agent or representative believes that fewer than 3 comparable properties were sold within the relevant period; and
(g) be in a form approved by the Director.
(3) For the purposes of subsection (2)(a), an indicative selling price or, if the indicative selling price is expressed as a range, the lower limit of that range must not be less than any of the following—
(a) if the estimate of the selling price contained in the engagement or appointment to sell the residential property is expressed as a single amount—that amount;
(b) if the estimate of the selling price contained in the engagement or appointment to sell the residential property is expressed as a price range—the lower limit of that range;
(c) the price proposed in any written offer to purchase the residential property that the agent or representative knows, or could reasonably be expected to know, that the seller has rejected unless the offer was rejected for a reason other than because the price proposed in the offer was too low;
(d) any amount that the seller has advised (whether orally or in writing) the agent or representative is the amount that the seller will accept as the selling price for the residential property or, if the seller subsequently revises the amount, the revised amount.
(4) The agent or representative must ensure that a statement of information that complies with subsection (2) is displayed at any inspection of the residential property by members of the public.
Penalty: 200 penalty units.
(5) The agent or representative must ensure that a statement of information that complies with subsection (2) is included with any advertisement for the sale of the residential property published by or on behalf of the agent or representative on any Internet site during the period that the residential property is offered for sale.
Penalty: 200 penalty units.
(6) The agent or representative must ensure that, on the request of a prospective purchaser of the residential property, a statement of information that complies with subsection (2) is provided to the prospective purchaser within 2 business days.
Penalty: 200 penalty units.
(7) The agent or representative must keep a copy
of a statement of information prepared for the purposes of this section and
any revised version of the statement.
S. 47B inserted by No. 41/2003 s. 6, amended by No. 58/2016 s. 6.