New underquoting laws commenced on 1 January 2016. Do you understand your obligations? Here’s a quick guide on the top five changes you need to know about.
During the course of the marketing campaign, market changes or feedback from potential buyers may indicate that the estimated selling price is no longer a reasonable estimate of the likely selling price. If this is the case, you must revise the estimated selling price. NSW Fair Trading advise that you should review your estimated selling price on a weekly basis and consider if the estimate is still reasonable.
If you do revise the estimated selling price, you must give written notice to the seller of the revised estimated selling price (whether that be a single price or price range) and provide them with evidence to support the reasonableness of your revised estimated selling price. You’ll also need to amend the agency agreement to reflect the revised estimated selling price.
To assist you to comply with your new obligations, REINSW has prepared a Notice of Revised Estimated Selling Price which is available at no cost to you in two formats:
If you complete the notice correctly and serve it at the correct time, then you will have satisfied your obligations.
And don’t forget that you will need to take all reasonable steps, as soon as practicable after revising the estimated selling price, to change or withdraw any advertisement or marketing material displaying a selling price that is different to the revised estimated selling price.
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