Nov 25, 2015
Changes to the legislation which governs how properties are marketed in NSW have been passed and will take effect from 1 January 2016. Under the new laws, an agent must not:
- Provide any price estimate less than what they have assessed a property is worth and is recorded in the agency/sales agreement.
- Advertise vague price information, including any statements such as "offers above" or "plus" a particular price (eg. $500,000+), which could misrepresent or obscure a property's estimated value.
- Indicate a selling price estimate that does not match the agent's true estimate.
Additionally, from 1 January 2016 an agent must:
- Include their true estimate of a property's likely selling price in the agency/sales agreement, as well as record the evidence that informed this estimate and provide it to the vendor in writing.
- Ensure a price range is no greater than 10% of the bottom figure (eg. $600,000 -$660,000).
- Record all quotes provided while a property is marketed.
- Update the price estimate if they are aware - or should reasonably be aware - of circumstances that changes it.
If you are looking to buy or sell, ensure the agent you are liaising with is aware of and complying with the new laws.
If you have further questions, please contact us at frank@franklaw.com.au
This is not legal advice.
