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ARTICLE · 05 SEPTEMBER 2016

Real estate agent obligations affected by legislative changes

Colin Biggers & Paisley
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While adding obligations to real estate agents, these changes aim to improve governance and reduce costs for purchasers.

AustraliaReal Estate and Construction
Chris Rumore
Chris Rumore

In brief - Changes commence on 15 August 2016

With little fanfare, the New South Wales state government has introduced new changes affecting the obligations of real estate agents in regard to property reports and price disclosures for agency agreements for residential property sales, and an exemption for certain commercial property agency work. The changes commence on 15 August 2016.

Register of reports for residential property for sale to be made available to purchasers

Real estate agents now have the obligation to maintain a register of various reports relating to residential properties that are for sale (being predominantly building reports, pest reports, and strata or community scheme reports) which must be made available to purchasers who ask for a contract for sale.

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