Updated rules for real estate agents, stock and station agents, strata managing agents, and assistant agents start on 1 September. The laws incorporate feedback from the public consultation on the Property and Stock Agents Regulation 2022 (the Regulation) held in June and July this year. The Regulation supports the Property and Stock Agents Act 2002 and replaces the Property and Stock Agents Regulation 2014.
Almost all agent obligations remain the same. However, the 2022 Regulation makes some changes to increase consumer protections and reduce the administrative load for agents.
- stronger requirements for agents to disclose information about expression of interest deposits and returning deposits to potential buyers
- changing the disclosure of material facts requirements –when dealing with residential tenancy agreements, agents only need to disclose the material facts outlined in the Residential Tenancies Regulation 2019
- requiring strata managing agents (and assistant agents) to cooperate with an owners corporation or association when transferring management functions to them. This applies when the owners corporation or association has ended the agent’s management contract
- clarifying the duties of assistant agents performing business agent or on-site residential property manager functions.
NSW Fair Trading is giving agents a six-month transition period (1 September 2022 to 1 March 2023) to adjust to the changes. Fair Trading’s enforcement approach during this period is set out in a Statement of Regulatory Intent.
To find out more about what the changes mean for you, visit the NSW Fair Trading webpage.
Posted on August 31, 2022