For resident letting agents
When a resident letting agency business is sold, the new manager must do the following before they can operate the business:
- submit a valid licence application
- pay the appropriate fee
- receive approval of the licence.
When a real estate agent sells a resident letting agent´s business, they must give the buyer written notice that, before they can conduct the business, they must:
- get body corporate approval
- hold a resident letting agent´s licence.
The buyer must sign the notice at the time of sale to prove that they have seen it.
The outgoing resident letting agent must give the new agents access to the trust account records for the previous five years at least 14 days before settlement.
Last reviewed 21/11/2011