New South Wales Consolidated Regulations

PROPERTY, STOCK AND BUSINESS AGENTS REGULATION 2003 - SCHEDULE 12

SCHEDULE 12 – Terms specific to agency agreement for management of residential property or rural land

(Clause 13)

1 Extent of agent’s authority

The agreement must include any written confirmation prepared for the purposes of clause 4 of Schedule 6 of the extent of the agent’s authority to undertake the following duties in connection with the management of the property and any limitations on the agent’s authority to undertake those duties:

(a) obtaining references from prospective tenants, arranging inspections of the property by prospective tenants and choosing a tenant,

(b) entering into and signing a tenancy agreement (specifying the term for which the property may be let),

(c) undertaking inspections of the property,

(d) effecting repairs to and maintaining the property or engaging tradespersons to do so and limitations on expenditure that may be incurred by the agent without obtaining the principal’s approval,

(e) paying disbursements and expenses incurred in connection with the agent’s management of the property,

(f) collecting rent,

(g) receiving, claiming and disbursing rental bond money,

(h) serving notices for breach of the tenancy agreement or to terminate the tenancy agreement,

(i) undertaking the necessary steps to obtain vacant possession and recover any money owing to the principal in relation to the tenancy of the property,

(j) representing the principal in any tribunal or court proceedings in respect of the tenancy of the property,

(k) paying accounts for amounts owing in relation to the property (for example, water rates and charges, council rates, maintenance expenses, and owners corporation levies),

(l) advertising the property for letting or re-letting,

(m) reviewing the rent at the end of a tenancy.

2 Accounting to the principal in respect of money received

The agreement must specify the manner in which and the frequency with which the agent is required to account to the principal in respect of money received by the agent on behalf of the principal.