Buying a home is a significant milestone in anyone’s life, and it’s crucial to understand your rights as a buyer, especially when it comes to keeping certain details confidential. Here at Abode Advocacy Group, we’ve helped numerous clients navigate the complexities of home purchases in Victoria, Australia. In this blog post, we’ll share insights from our experience and address common questions surrounding buyers’ rights and the option for price confidentiality.
In Victoria, the decision to disclose the purchase price ultimately rests with the vendor or seller. While buyers may prefer to keep the price undisclosed for various reasons, such as privacy or strategic negotiations, it’s important to recognise that sellers have the final say in this matter. Our experience has shown that this aspect of negotiation can sometimes be challenging, as sellers may have their own motivations for wanting the price to be undisclosed.
Buyers have the right to request price confidentiality through the real estate agent handling the transaction. However, we’ve observed that some agents may push back on this request, particularly if they believe that disclosing a favourable purchase price could attract further clients and business opportunities. As advocates for our clients, we understand the importance of this request and work to ensure that their preferences are respected throughout the buying process.
Even if the vendor agrees to advertise the price as undisclosed, it’s important for buyers to understand that this information may become public knowledge shortly after the settlement period. While price confidentiality can be maintained during negotiations and immediately following the sale, it’s essential to manage expectations regarding long-term privacy. It’s worth noting that prices often become available on popular portals after settlement, such as realestate.com.au, domain.com.au, and CoreLogic.
There are numerous reasons why our clients may wish to keep the purchase price undisclosed. Whether it’s to maintain privacy, avoid influencing future transactions, or simply as a strategic decision, we advocate for price confidentiality whenever possible. At Abode Advocacy Group, we never advertise purchase prices on our website or social media platforms, ensuring that our clients’ confidentiality preferences are upheld.
Understanding buyers’ rights and the option for price confidentiality is crucial when navigating the homebuying process in Victoria. With insights from our experience at Abode Advocacy Group, we’ve addressed common questions and considerations surrounding this topic. As you embark on your home buying journey, remember to seek professional guidance and advocacy to ensure that your rights and preferences are upheld every step of the way.
For further information on buyers’ rights, real estate laws in Victoria, and price confidentiality in home purchases, please consult reputable resources and legal advisors specialising in real estate law.
