Selling property in NSW could soon carry a cost to vendors thanks to the state's bid to better regulate its real estate industry.
Minister for Better Regulation Victor Dominello last week announced the formation of the Real Estate and Property Division
, an arm of the NSW Office of Fair Trading that will take responsibility for all real estate and property functions, including industry regulation, in the state.
The division will have a heavy focus on consumer protection, and Dominello suggested over the weekend that could include making it compulsory for vendors to supply a standard inspection report to prospective buyers when selling a home.
Speaking to Fairfax Media outlets, Dominello said forcing vendors to provide the report would stop buyers having to pay for reports on properties they may not purchase.
“You go to an auction there's a good chance you'll be looking at five different properties over the course of a few weeks – that's five different reports,” he said.
“That imposes a serious cost to the consumer in circumstances where there's no guarantee they'll get the property anyway.”
Dominello said the possibility of mandatory reports, along with further industry changes such as more extensive training requirements for agent and forcing property spruikers to disclose agreements they have with developers would be considered in the first half of 2016.
That process would see the Real Estate and Property Division consult with the state’s peak real estate bodies.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out