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.