Industry Reforms and RTA changes effective today

Industry Reforms and RTA changes effective today

23 March 2020

REINSW is pleased to announce that the property industry reforms and changes to the residential tenancies legislation are effective today, 23 March 2020.

These changes are the biggest we have seen in years and they allow agents to deliver an enhanced standard of service, signaling a new era of professionalism for the industry.

The property industry reforms set out more stringent conduct, transparency and accountability requirements for practising agents, they also significantly increase the professional standards and level of education required for newcomers and existing members of the industry. The aim has always been to raise competency across the board and improve consumer confidence in what we do.

Click here for our complete guide to navigating the industry reforms.

Changes have also been made to the residential tenancies legislation, with amendments to the Residential Tenancies Act 2010 (NSW) and the new Residential Tenancies Regulation 2019 (NSW).

Take a look at our RTA in Focus series of articles, which take an in-depth look into these changes.

Topics discussed so far are:

  • Prescribed material facts
  • Break fee
  • Fit for habitation
  • Publication of photos and video
  • Minor changes
  • Disclosure obligations for strata properties

There are several more topics to be published soon. Access the RTA in Focus series here.

As part of these wide-ranging changes, most of REINSW’s template agency agreements and forms needed to be updated. REINSW has been working tirelessly behind the scenes to ensure these are compliant. These are now ready and available to download from the REI Forms Live website.

Whether you’re a newcomer to the industry or an experienced agent, the real estate reforms will change the way you operate.

Useful links:

NSW Fair Trading

Residential Tenancies Amendment (Review) Act 2018 (NSW) Residential Tenancies Regulation 2019 (NSW)

Property, Stock and Business Agents Amendment (Property Industry Reform) Act 2018 (NSW)

Property, Stock and Business Agents Amendment Regulation 2019 (NSW)

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