Consumer Affairs Victoria recently undertook a review of the Statement of Information and supporting documentation in consultation with CoreLogic and other key industry players after a year of use. Consumer Affairs Victoria has now revised the forms and guidelines to ensure more transparency for potential buyers.
All changes are integrated into RP Data and available for your use from the effective date of 16 September 2019.
This article sets out the easy steps for you to produce a compliant Statement of Information.
From the property detail, launch the Statement of Information Report
When you’re on the Property Detail page for the Property you wish to create a Statement of Information, open up the reports dropdown and select Statement of Information.
If you’re still using RP Data Professional, open the Statement of Information from the Property Tasks panel.
With the RP Data Reports open, it’s time to enter an Indicative Selling Price
You can choose to enter either a Single Price or Price Range. With the radio button selected on the option you prefer, enter the estimated selling price.
According to Consumer Affairs Victoria Guidelines, an estimated selling price must:
- be reasonable, and
- take into account the sale prices of the three properties you consider most comparable to the property for sale.
The estimated selling price must be included in the sales authority, in the approved form, and may be a:
- single price - for example, $500,000, or
- range of up to 10 per cent - for example, $500,000 to $550,000.
Choose your comparable properties
Choose the three properties you wish to include as comparable properties in your Statement of Information by clicking the checkbox next to the address of the comparable property.
As per the Consumer Affairs guidelines, a comparable property must be:
- of a similar standard or condition to the property for sale
- sold in the last six months and be within two kilometres of the property for sale (if the property for sale is in the Melbourne metropolitan area)
- sold in the last 18 months and be within five kilometres of the property for sale (if the property for sale is outside the Melbourne metropolitan area).
When selecting the most comparable properties, you must also take into account:
- the standard and condition of the properties
- the location of the properties
- the date of sale of the properties
Once you have selected your three comparable properties, click next and then download the PDF. It is as simple as that!