Real estate agents have to disclose what they’re reasonably expected to know about a property.
If you’re looking at a home to buy, ask the agent:
- Does the property need any urgent repairs?
- Are there outstanding consents for renovations or other work?
- For older properties, has the house been re-piled, re-roofed, re-wired, re-plumbed and re-lined?
- Is there insulation in the roof, underfloor and walls?
- Are there any issues with the title?
- Are there any developments planned on neighbouring properties or in the area?
- Is there a LIM available?
- What did the agent price the property at?
- What have nearby properties sold for?
- Why are the owners selling?
Agents should provide answers to these questions as a matter of course. If you believe the agent has misled you or withheld information, make a complaint to the Real Estate Agents Authority.