The facts on material facts
The Real Estate Institute of New South Wales (REINSW) has released a report on material facts, ...
The Real Estate Institute of New South Wales (REINSW) has released a report on material facts, outlining definitions and considerations for real estate agents.
When an agent writes up a report on a new residential property, he or she must consider certain factors about that property that aren't immediately visible to the prospective buyer.
This could be anything from noisy neighbours or overhead planes, to the history of the house or land.
Under section 52 of the New South Wales state Property, Stock and Business Agents Act 2002, the agent must disclose any such information.
But what might mean the world to you could be overlooked by the agent, or on the other hand, the agent may stress a point in the report that you don't rate as particularly significant.
There are a few things you'll need to consider about material facts when looking to buy a property.
First, will the fact have an impact on price? You'll need to make sure any detrimental factors are attributed for in the cost.
Also, can an independent source verify the information? Sometimes it pays to double check if you're not sure.
Lastly, does the fact put the property into a rare category? If you are looking to purchase a historical house for example, make sure you're aware of any state legislation on historical homes before making a property investment.