The Victorian Government has accepted a key recommendation in the Real Estate Institute of Victoria’s “Blueprint for Marketing of Residential Real Estate in Victoria” released in January this year.
The eight-point blueprint aims to find balance between vendor & buyer best interests, increasing transparency and boosting consumer confidence. At this stage, one key element accepted by the Victorian Government is the requirement for building and pest inspections to be included in Vendor’s Statements.
At face value this may look like a convenient time & cost saving for buyers, but we strongly suggest that buyers should not trust a building inspection report they haven’t obtained themselves.
The value of a vendor's building and pest inspection report lies in the fact that it alerts vendors to any issues that need rectifying before selling the property. It is a further source of information for buyers, but not one that should be solely relied upon.