CAV announces updates to the Statement of Information, effective 16 September

As advised recently, CAV has made some changes to the approved SOI form. The REIV has been working with CAV to ensure that all announced changes are integrated into PropertyData and available for your use from the effective date of 16th September 2019.

Overview of the Key Changes:

• Property Type: This is now a text field rather than an option between House or Unit. In the “property type” box, you must specify the type of residential property that relates to the median selling price included in the statement. Refer point 14 of the Fact Sheet

• Comparable Property Sales: If less than three comparable property sales are identified you may include them on the SOI however, you must still select Statement B on the form. Refer point 20 of the Fact Sheet

• Date Prepared: The date the SOI was prepared must be included on the form. The date must be updated every time the SOI is updated. Refer point 17 of the Fact Sheet

• Design & Branding: The wording, sequencing and layout of information of the Director approved SOI cannot be altered in any way. You may add additional branded pages as required, but the form itself must not be changed. Refer point 13 of the Fact Sheet

To assist in preparing an SOI and complying with underquoting legislation, please read:

• Guidelines for Selecting Comparable Sales

• Underquoting Factsheet

Next steps for Agencies:

• Please read and understand the Fact Sheet provided by CAV. The REIV Information Officers are here to assist if you have any questions.

• The PropertyData SOI has been updated to reflect the above changes and will be available from 16th September 2019. If you are using any other providers, please ensure that the required changes are implemented by the effective date or subscribe to PropertyData

• All current SOIs will need to be reviewed. CAV requires all SOIs from 16th September to be on the updated form.

Director Approved Forms:

• Single residential property located in the Melbourne metropolitan area - 16 September 2019 (Word, 136KB)

• Single residential property located outside the Melbourne metropolitan area - 16 September 2019 (Word, 135KB)

• Multiple residential properties located in the Melbourne metropolitan area - 16 September 2019 (Word, 136KB)

• Multiple residential properties located outside the Melbourne metropolitan area - 16 September 2019 (Word, 137KB)

The Statement of Information must be:

• displayed at all open for inspections

• included with online advertising

• given to a prospective buyer within two business days of a request

• updated if there is a change in the indicative selling price.  

More on the Statements of Information.