Real estate law changes

Real estate law changes


1. include an estimated selling price in the sales authority that:
– is reasonable, and
– takes into consideration the sale price of the three properties that are most comparable to the property for sale, unless the agent considers that less than three comparable sales are available.

2. consider the standard, condition and location of the property, and the date of sale when selecting the most comparable property sales

3. inform the seller and update the sales authority if the estimated selling price changes

4. not advertise price ranges of more than 10 per cent AND cannot use qualifying words or symbols, such as ‘from’, ‘offers above’, or ‘+’, when advertising a price or a price range

5. provide a Statement of Information in the approved form during open for inspections, with online advertising, or within two business days of a request from a prospective buyer. The Statement of Information must include:
– an indicative selling price. This cannot be less than the estimated selling price or the seller’s asking price, or an amount already rejected by the seller
– details of the three most comparable property sales
– the median house or unit price for the suburb.

PILOT welcomes these changes to the Estate Agents Act 1980 which will come into effect on 1 May, 2017 to strengthen underquoting laws.

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