Additionally, there is an exemption included for an agent when carrying out certain commercial activities. The law, which is being made under the Property, Stock and Business Agents Act 2002, was originally set to begin in July.
The final Regulation includes some changes, which were not included initially, and the main changes are included in Clause 33A.
Clause 33A(1) says a licensee acting on behalf of a person on the sale of a residential property must make a written record of any report they are aware of.
Clause 33A(3) sets out what the record of a report must contain. This includes:
However a licensee is not required to make a record of any particulars referred to above that are not known to or cannot be reasonably obtained by the licensee.
Clause 46A sets out that real estate agents are exempt from the law when undertaking commercial property agency work on behalf of:
REINSW understands that NSW Fair Trading will be advising stakeholders about the final Regulation which will be published on the NSW legislation website soon.
It is also expected that there will be more information and guidance on the new requirements on the Fair Trading website shortly.
For more information, download a copy of latest Regulation here.
REINSW’s lobbying efforts
REINSW made a submission in June 2016 in response to the public consultation.
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