Property Vendors to Incur an Expense Buyers Usually Pay For
In an attempt to bolster the regulation of real estate, the state of NSW may have its property vendors spending some money out of their own pockets. Phil McCarroll reports for an article on the website Your Investment Property.
Standard inspection report
NSW Office of Fair Trading has an arm called the Real Estate and Property Division. This will take care of everything that falls within the ambit of consumer protection. In the process, it will make it mandatory for the vendors to pass on the standard inspection report to the prospective buyers.
The report should always have been bought by buyers
This report has traditionally been bought by the buyers. The situation was odd to say the least. If prospects looked at four different properties over the weekend, they paid for four different standard inspection reports. Now that this cost is going to be chalked up to the vendors, the buyers will be spared an expense which was never theirs to incur in the first place. With this development, vendors will have to make room for that extra expense from here on out.
Property spruikers must be nipped in the bud
A few more changes are being sought in order to make real estate a level-playing field for the buyers and sellers. As a first, property spruikers and fly-by-night agents will need to furnish disclosure agreements and real estate agents will have to undertake rigorous training.
You can read the original article here.
When I was young I used to wonder that the nature of buyer-seller imbalance stares us in the face even as we look at the number of professionals on the side of buyers and sellers. There are just too many on the side of the sellers whereas the buyer’s interest is negotiated solely by the buyer’s agent. One more reason why I decided to become a buyer’s agent!
Look what the NAB did to resist spruikers
Standard inspection reports should always have been paid by vendors. However late it may have arrived, the move is worthy of an applause. Anything which aims to bring down the activity level of spruikers is always welcome. We shall do well to pay heed that a big bank like NAB has stopped lending SMSFs money for property purchase to stall the activities of spruikers.