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NSW Fair Trading confirmed at the REINSW Roadshow that they are targeting real estate agents who are not keeping a written record of their conversation when they are discussing the price of a property.

A REINSW member recently contacted the Helpline and advised us that NSW Fair Trading called to enquire about a property anonymously, before turning up at their office the next day to ask for their written record of their specified price or guide given.

What does the law say about written records?

The requirements for written records on selling price statements fall under the Property, Stock and Business Agents Act 2002.

NSW Fair Trading’s underquoting guidelines state a real estate agent who says the property is likely to be sold for a specified price or within a specified price range must make a written record of the statement (section 73B(1)). 

The record of the statement must contain: 

• the address of the property
• the price or price range
• the date and time of the representation
• any other information that is prescribed by the regulations (section 73B(2)(a)).

The record of the statement must be kept at a real estate agent’s principal place of business for at least three years (section 73B(2)(b)). A maximum penalty of 200 penalty units (currently $22,000) applies for breaching this law.