Onus of disclosure !

Those tasked with offering a home for sale have been reminded that by law they are responsible for making all aspects of the former history of the property known to prospective buyers.   The courts have the capacity to declare a sale void and order the return of any money paid if the past sordid history of a property has been carefully hidden away and not disclosed.

Many people will remember a case where a young man brutally murdered his parents and his sister to access his inheritance.   Later, this event was concealed from a young couple who paid a deposit as part of the purchase of the property - and were horrified when the details were brought to their notice.   Unable to even consider living in such an environment, they went to court and succeeded in getting the sale cancelled and this resulted in the selling agent getting fined $ 20,900 for failing to disclose the history of the home.

The onus of responsibility of disclosure does not only apply to any hideous crime that may have occurred on a property.   A buyer has a right to know if illegal extensions have been carried out, whether any form of contamination has occurred by way of the property being involved in illicit drug manufacturing, and if there has been a past history of Termite infestation.

Basically, it is illegal to mask any details that might be a factor in a buyer making a decision on purchasing a property.   Not only could this have a bearing on the market value of the property but it could be ongoing.  In some cases, notoriety sticks and a sordid event can affect the market value of a property for generations.

Once again history comes to the fore.  Many people will remember a case that brought national media attention when a young child was deliberately locked away in a bedroom and starved to death in northern New South Wales.     Years later, the owner of that property was unable to find a new tenant and despite a desperate housing shortage, this house lay vacant on the property market until it's demolition.

Some people are undeterred  by former events that may have occurred but many others would never rest easy knowing that a hideous crime had occurred within those four walls.    The principle of " Buyer Beware " still applies to every commercial transaction - but this disclosure law at least requires that a buying decision is made without subterfuge !