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An owner-built property is a property that is either fully or partially built by the owner of the property itself. The owner does not have to be a registered builder to be an owner-builder. There are additional disclosure requirements applicable if you are an owner builder. Hence it is very important that you tell your conveyancing lawyer whether you have renovated or built any part of the property. You may be considered an owner builder even if you have engaged private contractors to do the work but have coordinated the build or renovation yourself.
If you are considered to be an owner builder, you will need to provide any applicable insurance over the works as well as an owner builder defects inspection report to the buyer. The report must be dated no earlier than 6 months prior to the contract date. If the report is not provided to the buyer, they may have the right to walk away from the contract.
For further information on what it means to sell an owner-built property, refer to Consumer Affairs Victoria for further information: https://www.consumer.vic.gov.au/housing/building-and-renovating/owner-builders
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