Property reports available to all
Pest and building reports that have already been carried out on properties will be made more available to potential buyers under a new initiative from the NSW Government. As from July this year, real estate agents will be required to keep a disclosure log of any building and pest, strata or contract review reports that have been done on a property they are marketing. This information, including the company that carried out the report and their contact details, will be made available to potential purchasers when they request a contract.
A first for Australia, this initiative is designed to create a win-win situation both for potential buyers (who will pay less for the report than if they commissioned it themselves) and the companies who are offering this service. Some Building and Pest inspection companies already offer report-share options, some reducing the price with each additional person who buys the report and others, like Eyeon, having the initial report paid by the vendor and available for download at a fixed cost of $99. In announcing the initiative, NSW Innovation and Better Regulation Minister Victor Dominello said that the new laws would reduce the financial burden on those looking to buy property, who could often spend hundreds of dollars on reports on every property they were interested in, and would also increase transparency in the marketplace.