One of the new laws released as from 1st January 2016 is in relation to Real Estates 'Underquoting': this will make it more understanding for buyers he that houses are selling at the reasonable estimate price that's is on the contract.
If you know a residential home buyer, tell them! Here it is:
New Real Estates Agents - Underpricing Laws
Underquoting
Information for agents
Underquoting laws start from 1 January 2016. They apply to all residential properties for sale on or after 1 January 2016.An agent is underquoting the selling price of a property if they make or publish a statement about its price that is less than their reasonable estimate of the property’s likely selling price that is contained in the agency agreement.
This is an offence under the Property, Stock and Business Agents Act 2002 (the Act). Agents face fines of up to $22,000 for failing to comply with the law. Agents may also lose their commission and fees earned from the sale of an underquoted property. These commissions and fee payments will go towards the Property Services Compensation Fund, which supports consumers who have experienced financial loss as a result of property agent misconduct.
Click for NSW Fair Trading Laws
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