If you’re buying property in Victoria, it’s important to understand what a material fact is.
A material fact is any information that could affect a buyer’s decision to purchase the property. This could include things like building defects, existence of combustible cladding or asbestos, flooding or whether there has been a serious crime on the property, such as a murder, amongst other things.
It’s the responsibility of the seller or their real estate agent to disclose all material facts about the property to potential buyers.
If they don’t, the buyer may have legal recourse to rescind the contract or seek compensation from the seller or the real estate agent.
As a buyer, it’s always a good idea to do your due diligence and ask questions about any potential material facts that could impact your decision to buy.
If you’re selling or buying and need help, then Bond Conveyancing Property Lawyers is here.
Contact us to experience the Bond difference.
1300 039 559