LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 24E

LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 24E

24E—Agent to supply valuation in prescribed circumstances

        (1)         An agent who is authorised to sell land or a business on behalf of a person (the "vendor") must, if the prescribed circumstances apply, before negotiating the sale of the land or business—

            (a)         arrange a formal written valuation of the land or business, at the agent's own expense, by a person authorised to carry on business as a land valuer under the Land Valuers Act 1994 and approved by the Commissioner; and

            (b)         furnish the vendor with a copy of the land valuer's valuation report.

Maximum penalty: $20 000.

        (2)         Before regulations are made for the purposes of subsection (1), the Minister must consult with the The Real Estate Institute of South Australia Incorporated.

        (3)         In this section—

"prescribed circumstances" means circumstances of a kind prescribed by the regulations in which the agent has a conflict of interest or potential conflict of interest.