AGENTS ACT 2003 - SECT 89A Proposed contracts for sale of residential property

AGENTS ACT 2003 - SECT 89A

    (1)     An agent commits an offence if—

        (a)     the agent offers residential property for sale; and

        (b)     the required documents are not all available at the agent's place of business for inspection by a prospective buyer (or an agent for a prospective buyer) at all reasonable times when an offer to buy the property may be made to the agent.

Maximum penalty: 50 penalty units.

    (2)     An assistant property agent commits an offence if—

        (a)     the assistant property agent is employed by an agent who is acting for a seller of residential property; and

        (b)     the assistant property agent offers the residential property for sale; and

        (c)     the required documents are not all available at the agent's place of business for inspection by a prospective buyer (or an agent for a prospective buyer) at all reasonable times when an offer to buy the property may be made to the assistant property agent.

Maximum penalty: 50 penalty units.

    (3)     An agent or assistant property agent offers residential property for sale if the agent or assistant property agent, expressly or by implication—

        (a)     indicates that the property is for sale or is to be auctioned at any future time; or

        (b)     offers to sell the property; or

        (c)     invites an offer to buy the property; or

        (d)     indicates that someone may be willing to grant an option to buy the property.

Examples for par (a)

1     The agent or assistant property agent advertises or promotes the property in a way that, in the circumstances, may reasonably be taken to indicate that the property is or may be for sale.

2     The agent or assistant property agent places a sign on or near the property that, in the circumstances, may reasonably be taken to indicate that the property is or may be for sale.

3     The agent or assistant property agent advertises or in any way gives notice that the property is to be auctioned at a future time.

4     The agent places on display particulars or a description of, or a photograph, drawing or other representation of, the property in or on any premises, vehicle or place where the agent carries on business as a real estate agent.

5     The agent or assistant property agent shows the property to a prospective buyer or gives the address of the property to a prospective buyer.

    (4)     An offence against this section is a strict liability offence.

    (5)     This section does not apply to—

        (a)     anything done by an agent when acting for a prospective buyer of residential property; or

        (b)     a contract, or proposed contract, for the sale of residential property if the contract arises from the exercise of an option to buy the property and—

              (i)     the option was contained in a will or sublease; or

              (ii)     the period for exercise of the option was longer than 60 days.

    (6)     A regulation may prescribe exceptions to this section.

    (7)     In this section:

"prospective buyer", in relation to residential property, includes a prospective grantee of an option to buy the property.

"required documents"—see the Civil Law (Sale of Residential Property) Act 2003

, section 9.

"residential property"—see the Civil Law (Sale of Residential Property) Act 2003

, section 8.