Tasmania to introduce vendor disclosure legislation

By Your Mortgage

By Robert Carry

The Tasmanian House of Assembly has passed vendor disclosure legislation which will force sellers to inform potential buyers of any known defects in properties.

The move will mean greater protection for homebuyers and penalties of up to $6000 for sellers who fail to disclose faults in a timely manner.

Consumer Protection Minister Lisa Singh said that vendors need to be upfront in disclosing any issues they are aware of. She continued, "I don't want to see situations where families purchase their first home only to find out down the track that that deck out the back didn't get council approval and they then have to pull it down and go through the whole planning regime again, leaving them thousands of dollars out of pocket."

The laws, which still to pass through the state's Legislative Council, are set to come into force by mid-2010.