Full risk disclosure may ease first-time buyer jitters
First time buyers are often filled with nervousness and excitement when they make a final decision ...
First time buyers are often filled with nervousness and excitement when they make a final decision on a new home and sign on the dotted line.
After all, there are risks involved with taking on a mortgage and making a financial commitment that will be there for years to come.
A new recommendation made by the Queensland Floods Commission of Inquiry may assist with some of this tension.
The proposal pushes for a government policy that will make it necessary for sellers to provide risk disclosure - including flood risk - to their potential buyers.
Real Estate Institute of Queensland chief executive officer Anton Kardash supports the recommendation but suggests a compulsory seller disclosure regime be implemented in Queensland.
Mr Kardash explained the seller disclosure document would be available prior to the sale and include information such as, "compliant smoke alarms, approved safety switches, pool safety issues, accurate flood data and any material facts, such as building approval searches and certificates, about the property".
If approved, the comprehensive information package could serve to ease some of the anxiety that comes along with buying residential property for the first time.