Sellers Can't Withhold Sale Prices


How to determine comparable properties when there are undisclosed sales

Consumer Affairs have recently issued this article to agents that states that a home seller can not keep the sale result of their property private.

You must use all data and information you have about recently sold properties, including details of undisclosed property sales, to meet your obligations under section 47AC of the Estate Agents Act 1980 to choose the three most comparable properties.

This applies even if you:

  • sold a property and your agency agreement, or other verbal or written confidentiality agreement you entered into, prohibits or restricts the use or disclosure of details of the sale
  • are aware of a sale by another agent, regardless of any agreement that agent may have entered into, that prohibits or restricts the use or disclosure of the details of the sale
  • see the details of a sale in a property database, regardless of whether the sale is recorded as undisclosed or another similar description
  • are acting for a seller who enters into a contract of sale that intends to restrict details of the sale being disclosed.

If a seller insists that they do not want you to disclose the sale price of their property, you can show them this information and advise them it is your legal obligation to disclose the sale price, if their property is one of the three most comparable property sales.

For more information, view the Comparable properties section on our Understanding underquoting page.

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