It depends on what the secret is. I am sure it is a requirement in all states that questions must be answered honestly but you also need to do your due diligence. I have a fairly standard list of questions that I ask an agent noting their answers (with date and agent name). Some are things like has anybody been murdered in the property, drug lab etc. which are often treated as a bit of a joke but are actually quite serious. One time I didn't ask a crop of opium poppies sprang up in the back yard a few months later (Battery Point).
Is this to do with the water pipes into this property mentioned on another thread? If so, I think you need to speak with a lawyer.
No that is for a friend who bought a property with water pipes and all sorts of other things on it. This is an query I have about buying a property. Do I ask for a vendor disclosure or is there not one, I couldn't get any sense out of the REA. I just don't want to get something with a problem.
Due diligence is the research you need to do on things like council zoning, approved as well as potential future development in the neighbourhood, school zoning, organising and interpreting the building and pest inspection report, walking the neighbourhood to form an impression of its livability, chatting with neighbours (a wonderful source of information), visiting on a Friday/Saturday night for noise and social problems, distance to nearest pub (you don't want hordes drunks passing who are meandering home at midnight) etc etc. Most of this should be done prior to the offer as it helps set price expectations. Vendor disclosure is about the property itself. Often just chatting to agent will fill in your knowledge but things on the approved plans and water, sewerage and drainage diagrams when compared to the actual site may raise concerns with things like unapproved structures, stormwater diverted to sewer lines etc etc. Talking to the B & P report inspector is always important.
Thank you for the information, What does STCA mean, I see this and wonder if it is a warning that there may be obstacles.
SCTA - For example, you have bought a large block with a house on it and want to build another house on it. It will be STCA. It is normally associated with development potential. This explanation can be found on google. It is up to you to sort out the disclosure by asking questions etc, viewing the property and council documents.
Vendor disclosure is just one of the issues your solicitor should be asked to advise on PRIOR to signing a contract. They will also explain planning approvals and other issues which can impact a title. Mosts states have no requirements for certain disclosures. Its buyer beware and any verbal representations are also contracted out. The agent can lie and other than a professionalo /licesne concern its unenforceable as a contractual matter.
