Improvements to the laws regulating property agents started on 15 August 2016.
To help home buyers access pre-purchase property inspection reports more cheaply and easily, real estate agents now need to record details about certain reports. This includes pre-purchase building and pest inspection reports, and strata and community scheme reports.
When the prospective buyer requests a contract of sale for the residential property, an agent will need to inform the buyer about the reports they have recorded. Buyers may then opt to access an already available report, and negotiate a reduced cost, instead of commissioning their own report.
Other measures affecting property agents’ responsibilities from 15 August include:
- exempting real estate agents doing commercial property agency work from NSW property, stock and business agents’ laws, in set circumstances. This change was recommended by the Independent Pricing and Regulatory Tribunal (IPART).
- reinstating a previous requirement for agency agreements that are for the sale of residential property by private treaty only.
For more information click here or check out the following link to Fair Trading NSW
http://www.fairtrading.nsw.gov.au/sites/ftw/About_us/Legislation/Changes_to_legislation/Property_reports_and_commercial_exemption_reforms.page?DCSext.ref=HomePageClick:Whats_new
