Maybe it was once a murder scene, it could’ve been built with flammable cladding or asbestos or perhaps it was just your garden-variety meth-lab - and no one told you.
Well, that has all changed - because real estate agents and vendors must tell you every known detail before you purchase your property.
The vendor or agent must also answer all questions from prospective buyers ‘as fully and frankly as possible’.
Minister for Consumer Affairs Victoria Marlene Kairouz said a raft of sweeping changes to the material-fact guidelines and Sale of Land Act would better protect prospective homeowners from unfair real estate practices.
“We take the protection of home buyers seriously, which is why we’ve introduced strict new laws to make sure Victorians aren’t being ripped off or lied to,” she said.
Ray White Echuca principal Lynn Hall said agents will need to ask more questions when they list a property to properly fully understand its history and will in-turn provide the relevant information to potential purchasers.
“I would recommend potential purchasers undertake building and pest inspections with qualified trades,” she said.
“Some faults are obvious, but real estate agents don't get in roof cavities nor do we climb under homes.”
Further changes mean developers can now only cancel housing contracts - using what’s known as a sunset clause - with the consent of the buyer or permission from the Supreme Court of Victoria.
Ms Kairouz said the changes come after buyers raised concerns of developers deliberately delaying construction with the intention of cancelling contracts and re-selling the property at a higher price.
Ms Hall said changes to the sunset clause probably wouldn’t have any great impact in Echuca.
“We are fortunate that our local land developments are undertaken by reputable companies and I haven't seen a vendor or developer use the sunset clause to rescind a contract in my 18 years in real estate,” she said.
Ms Kairouz said the existence of these new laws will give Victorians the protection they need to confidently enter the property market.
“Vendors and agents who fail to comply with the law will face tough penalties, including imprisonment for the most serious offences,” she said.
Public auctions will now be banned before 1pm on Anzac Day with non-compliance resulting in a $16,000 fine.