Commencing 1st September, the Property and Stock Agents Regulation 2022 has updated rules which affects all real estate agents, stock and station agents, strata managing agents and assistant agents.
As property investors, you may also want to brush up on legislation as these new rules may affect the way your property will be handled.
To avoid any misinterpretation of misinformation, we have copied information provided by NSW Fair trading.
The key changes in the Regulation are:
- Stronger disclosure requirements for agents about expression of interest deposits.
- Selling agents must refund expression of interest deposits within 14 days if another person enters a contract for the sale of land.
- Agents only need to disclose the material facts outlined in the Residential Tenancies Regulation 2019 when dealing with residential tenancy agreements.
- Clarifying that assistant real estate agents performing business agent or on-site residential property management functions are prohibited from carrying out certain duties. This aligns with rules that apply to assistant real estate agents in sales and leasing.
- Requiring strata managing agents (and assistant agents) to cooperate with an owners corporation or association when transferring management functions to them. This applies when the owners corporation or association have ended the agent's management contract.
For more information, visit:
https://www.fairtrading.nsw.gov.au/housing-and-property/property-professionals/changes-to-property-and-stock-agents-lawswww.fairtrading.nsw.gov.au/housing-and-property/property-professionals/changes-to-property-and-stock-agents-laws
Have more questions about your Newcastle investment property? Want to ensure you are maximising your returns? Why not see for yourselves the difference a dedicated team of property managers makes? For a free copy of our Property Investors Guide or for an obligation-free chat, email our Director, Casey Healey on casey@c21newcastle.com.au or phone 02 4928 7400 today.