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ARTICLE · 18 AUGUST 2016

Key new commercial property regulation changes in NSW

Holding Redlich
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This Regulation will change current definitions of commercial property agency work, affiliate, entity and related entity.

AustraliaReal Estate and Construction
Robina Kidd
Robina Kidd
Stamatina Theodorakopoulos (Formerly With Holding Redlich)
Stamatina Theodorakopoulos (Formerly With Holding Redlich)
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The new Property, Stock and Business Agents Amendment (Property Reports and Exemption) Regulation 2016 (NSW) will commence on 15 August 2016. The Regulation will introduce several changes, including current definitions of commercial property agency work, affiliate, entity and related entity.

Deregulation of Commercial Property Agents

The most significant change will exempt commercial property agents from needing to comply with requirements under the Property Stock and Business Agents Act 2002 (NSW) if they sell or manage property for:

  • an affiliate; or
  • a large commercial property owner.

An affiliate is any entity that 'controls' the agent eg by being able to make decisions about the agent's financial and operating policies, or is a related body corporate of an agent if it holds a corporation licence.

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