The Real Estate Institute of Victoria is calling for full sales price disclosure, standardised residential sales contracts, identity verification of buyers and sellers and the same price estimation standards that apply to estate agents, to be enforced for all residential sales.<\/p>\n
The recommendations form part of a broader suite of proposals that would ensure fairness and transparency for vendors, buyers, and estate agents alike.<\/p>\n
They form part of REIV\u2019s submission to Consumer Affairs Victoria\u2019s 2022 Property Market Review that seeks to address the issue of affordability of property, and other barriers facing those wishing to enter the market in Victoria.<\/p>\n
\u201cREIV recommendations aim to ensure efficient, informed, and transparent residential property transactions, a fairer housing market, and better pricing transparency,\u201d said REIV president Adam Docking.<\/p>\n
\u201cThese changes would go a long way in supporting the Victorians in their real estate aspirations and ensure that consumers receive well-informed, professional advice from their agent\u201d.<\/p>\n
REIV\u2019s key recommendations include an enhancement of the Statement of Information to ensure evidence-based pricing for all residential properties and mandatory ongoing professional development for Estate Agents and Agents Representatives.<\/p>\n
There\u2019s also a call for compulsory registration of all bidders at auctions and identity verification of vendors and buyers involved in a residential sale, the adoption of an industry-wide standard for listing material facts, where buyers identify what is material to them and full disclosure of the sale price for all residential sales once a contract becomes unconditional.<\/p>\n