Statement of Information (SOI)
On the 1st may 2017 Consumer Affairs Victoria (CAV) introduced new legislation to strengthen laws against under-quoting in Victoria which saw the requirement of an SOI for every residential property for sale.
The SOI must be displayed at all open for inspections, included in on-line advertising ( each portal presents the SOI in a slightly different manner and place), a copy supplied to a buyer within 2 business days of request and must be updated if there is a change in the indicative selling price.
The SOI must include an indicative selling price or a range of up to 10 per cent. It must not be less than the estimated selling range or the vendors asking price or less than a written offer that has already been rejected by the seller.
The SOI must contain details of 3 most comparable properties sold in the past six months within 2 kilometres of the property and in the event there are not 3 comparable sales a statement to that effect. (single residential property located in the Melbourne Metropolitan Area).
