A Seller Disclosure Statement is only part of the recommended due diligence when purchasing real estate.
Understanding what the seller disclosure statement does and does not tell you can help you make a more informed decision before committing to a property. Argon Law’s head conveyancer Charissa Pascoe explains more in this video.
The disclosure process provides important information about the property, but it is not designed to replace every search, inspection or enquiry a buyer might need to effectively complete due diligence.
For example, the disclosure documents may not necessarily give you a complete picture of the property’s:
What needs investigating will depend on the particular property you are considering purchasing.
Some potential problems only become apparent when appropriate searches, inspections or further enquiries are undertaken.
Depending on the property, this might include council searches, planning and development checks, flooding information, contaminated land searches, utility enquiries or body corporate investigations.
The purpose is not simply to gather more paperwork.
The right searches can uncover information that could affect how you are able to use the property, what the property may cost you to own or, how much risk is involved, and in some cases, whether you want to proceed with the purchase at all.
Buyers considering property within a community titles scheme should take particular care.
The information included with the seller disclosure documents is not necessarily a substitute for investigating the broader body corporate records.
Understanding the wider scheme can therefore be an important part of deciding whether the property is right for you.
The key is to avoid assuming that seller disclosure equals complete due diligence.
Before you sign, talk to Argon Law’s property and conveyancing team about the searches or investigations that make sense for your proposed purchase.
A: No. The Seller Disclosure Statement provides required information and documents, but it should not be treated as complete due diligence of the property.
A: Depending on the property, yes. Further enquiries could include council searches, planning and development checks, flood information, contaminated land searches, utility enquiries or body corporate investigations.
A: If the property is part of a community titles scheme, the seller disclosure statement should not be regarded as a substitute for investigating the broader body corporate records.
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