Making headlines today, The Sun Herald has reported that real estate agents will soon have to disclose to buyers a property’s pitfalls.
According to the paper, agents will be forced to tell buyers about murders, noisy neighbours, and other affectations, or risk paying hefty fines.
Under the new legislative requirements, the Australian Competition and Consumer Commission (ACCC) will have the power to fine agents that mislead buyers up to $1.1 million.
The changes came into effect on July 1 when the ACCC merged state fair trading laws into a federal consumer protection law.
Real Estate Institute of Victoria chief executive Enzo Raimondo told the paper that tightened disclosure laws would give consumers more confidence when buying homes.