South Australian Consolidated Acts South Australian Consolidated Acts24F—Agent not to act for both purchaser and vendor of land or business
(1) A person must not
act as an agent on behalf of both the vendor and purchaser of the same land or
business at the same time.
Maximum penalty: $20 000.
(2) A person must not
enter into agreements to act as an agent in the sale or purchase of land or a
business if the performance of services by the person under the agreements
will or can result in the person acting as an agent on behalf of both the
vendor and the purchaser of the same land or business at the same time.
Maximum penalty: $20 000.
(3) For the purposes
of this section, without limiting the circumstances in which a person acts as
an agent on behalf of both the vendor and purchaser of the same land or
business at the same time, a person will be taken to so act if—
(a) the
sale of land or a business is negotiated by the agent on behalf of a person;
and
(b) the
purchase of the land or business is made subject to the sale of some other
land or business by the purchaser; and
(c) the
agent acts on behalf of the purchaser in the sale of the other land or
business.
(4) Despite the
preceding provisions of this section, an agent may act on behalf of the
purchaser in the circumstances referred to in subsection (3) if, before
the purchaser authorises the agent to do so—
(a) the
agent gives the purchaser a warning notice in the form approved by the
Commissioner for the purposes of this section; and
(b) its
receipt is acknowledged by the purchaser in writing on a copy of the form.