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What is a Material Fact in Real Estate?

legal-law

In Australian Real Estate, a material fact is a fact that if known, might cause a buyer or seller to make a different decision, with regards to remaining in a contract, or to the price paid or received.

Real estate agents in Australia, are required to disclose all known material facts.

For example, any known defects in the structure, must be disclosed as material facts.

This also extends to instances that have occurred on the property, like murder, violent crime, illegal drug activity and even suspected haunting.

Buyers who have unwittingly bought a stigmatised property, will be able to take their case to court and the agent who sold the property, may be fined.

 

 

 

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Marlene F Liontis