Generate a Statement of Information (SOI) in Pricefinder

September 09, 2024 02:49

How can I generate a Statement of Information (SOI) in Pricefinder?

You can create an SOI from the the Property Report by selecting Statement of Information under Appraisal Tools.

Pricefinder helps you to prepare a Statement of Information for each residential property you are engaged to sell to ensure you meet the requirements of the Estate Agents Act 1980.

Important: A Statement of Information must be prepared, in an approved form, for each residential property engaged to sell in Victoria, regardless of whether the property is advertised for sale.

Generating a Statement of Information

Search for the Property Address to open the Property Report
Under Appraisal Tools select Statement of Information
Check and Confirm the Features & Attributes for the property
Select Next Step or click Cover Page to go to the next tab
Select your preferred Cover Page Theme & confirm Agent Details.
Select Next Step or click Recently Sold to go to the next tab

Select Comparable Properties

Confirm the Search Criteria

By default, the Search Criteria will use a 500m radius and a 6 month sale date range. The search criteria can be expanded or refined as necessary.

• You can include properties that have sold in the last six months and within two kilometres of the property for sale (if the property for sale in the Melbourne metropolitan area)

• You can include properties that have sold in the last eighteen months and within five kilometres of the property for sale (if the property for sale is outside the Melbourne metropolitan area)
Select Search
Select the three most comparable properties
Change the selected properties by ticking or unticking the top left corner of the property card

When selecting the most comparable properties, you must take into account:
• the standard and condition of the properties
• the location of the properties
• the date of sale of the properties

See Consumer Affairs Victoria's Guidelines for selecting comparable sales - residential properties for more information about selecting comparable sales

Finalise your Statement of Information

Select Next Step or click Appraisal & Print to go to the next tab
Enter the Indicative Price Range
Optional: Select Display only Consumer Affairs PDF Version if you only want the Consumer format of the Statement of Information
Select Finalise CMA to generate a PDF Copy of the Report

Note: The Statement of Information meets all current compliance requirements from the Victorian State Government.

Displaying the Statement of Information

Once the Statement of Information has been generated it 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

Frequently Asked Questions

More Information

To assist in preparing an SOI and complying with underquoting legislation, The Consumer Affairs Victoria website provides:

Can I design my own Statement of Information?

No. You must not alter the:

wording
sequence
layout of information in any way.

You may add an additional page or pages containing further information or branding, such as a branded cover page, or a further page containing extra details about the comparable properties.

You can also use a Statement of Information prepared by a supplier (such as Pricefinder) as long as the wording, sequencing and layout of information is the same as the approved form and
not altered in any way.

Can Consumer Affairs Victoria endorse SOIs?

As an independent regulator, Consumer Affairs Victoria does not provide legal advice to individuals or businesses.

What are the available forms?

From 16 September, revised Statement of Information (SOI) forms came into effect. Also note that the ‘Internet advertising for single residential property’ SOI has been revoked and can no longer be used. You must update any of these SOIs using one of the revised forms listed below.