When navigating the property market in Victoria, the Statement of Information (SOI) stands as a critical document. This mandatory document promotes transparency and ensures buyers and sellers access essential market details. Here’s everything you need to know about the Statement of Information and its role in Victorian real estate.
What is the Statement of Information?
The Statement of Information is a legally required document that all real estate agencies must prepare for every residential property they are engaged to sell. Importantly, this requirement applies even if the property isn’t being advertised.
What Does the Statement of Information Include?
The SOI provides key details to help buyers make informed decisions and ensures sellers meet their legal obligations. The document must include:
- Indicative Selling Price: This can be a single price or a range that does not exceed 10% of the lower figure.
- Comparable Properties: Details of the three most comparable properties recently sold in the area. These must be similar in terms of location, size, and features.
- Median Price: The suburb’s median house or unit price, offering buyers a snapshot of the local market.
If fewer than three comparable properties are available, the agent is required to include a statement explaining why this is the case, provided their explanation is reasonable.
Where Must the Statement of Information Be Provided?
The SOI must be accessible to ensure both transparency and compliance. Real estate agencies are obligated to:
- Display the SOI at all property inspections.
- Include it in online property advertising.
- Provide a copy to potential buyers within two business days of their request.
Additionally, if the indicative selling price changes, the Statement of Information must be updated accordingly.
Why is the Statement of Information Important?
The SOI is a vital tool for creating a fair and transparent property market. It provides crucial market insights for buyers, enabling informed decisions. For sellers, it ensures compliance with Victorian laws and promotes a trustworthy sales process.
Understanding the Statement of Information is essential for anyone buying or selling property in Victoria. By familiarizing yourself with its contents and requirements, you can confidently navigate the real estate market, knowing you have access to accurate and transparent information.
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