Disclosure |
For all property agents
By law, you as a property agent must disclose:
- any benefits you receive or expect to receive
- your relationship to any person you refer the buyer to for professional services, such as financiers, building or pest inspectors
- any situation where you are part of a corporation and the purchase, or the option to purchase property, is made on behalf of an executive office of the corporation.
As a property developer, you must tell prospective buyers the above information, as well as whether you own at least a 15 per cent interest in the property.
To disclose this information, complete PAMD Form 28 - Disclosure of beneficial interest to seller (PDF, 188 KB).
You cannot charge a commission if you have a beneficial interest in the purchase of property, such as where an agent or registered employee buys a property that is listed with the agency.
Courts will return money you claim or retain if you are convicted of obtaining beneficial interest.
Sustainability declaration
The Department of Infrastructure and Planning sustainability declaration brought into effect on 1 January 2010 requires sellers and agents to provide information on sustainable housing measures for the sale of residential property.
As a property agent, you must disclose, in any advertisements promoting the sale of property, where a copy of the sustainability declaration form can be obtained. This includes all property sales advertising excluding newspapers and magazines.
When conducting an open house for public inspections, you must ensure a copy of the sustainability declaration is conspicuously displayed on location.
It is the responsibility of the seller (not the agent) to fill out the sustainability declaration form. As the agent you must obtain a signed copy of the form prior to marketing the property for sale. If the seller refuses to complete the form, do not market the property.
The Property Agents and Motor Dealers Act 2000 imposes fines on agents who breach the requirements.
For more information and to view the sustainability declaration form, visit the Department of Infrastructure and Planning website.
Last reviewed 21/11/2011 |
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