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What are estate agents’ legal requirements to collect their vendors’ ID?

September 1st, 2016|Categories: Uncategorized|

The NSW Department of Fair Trading issued the ‘Real Estate Fraud Prevention Guidelines’ in 2013. They guidelines state that agents should: Conduct an identity check face to face and sight original documents to verify a [...]

What are the Identification Requirements for Mortgage Brokers?

August 2nd, 2016|Categories: News|

Section 56C of the Real Property Act (NSW) 1900 (the ‘Act’) requires mortgagees to ‘take reasonable steps’ to identify mortgagors. Failure to do this could result in: The Registrar refusing to register or rejecting the [...]

New Rules for Property Transactions Over $2 million

July 1st, 2016|Categories: News|

New rules for buying properties over $2 million effective today From today, a purchaser of a property sold for more than $2 million will have to withhold 10% of the purchase price unless the vendor [...]

New Laws for Marketing Properties with Swimming Pools Commence Today

April 29th, 2016|Categories: News|

After 29 April 2016, if selling a property in New South Wales which has a pool or spa, the contract for sale must attach either: 1.       a Certificate of Compliance issued under the Swimming Pools [...]

Underquoting Rules Under the Microscope

March 15th, 2016|Categories: News|

Important amendments were recently made to the Property Stock and Business Agents Act 2002 (the Act) prohibiting estate agents from engaging in the so-called practice of ‘underquoting’. Unfortunately, these laws introduce a new layer of [...]

New Breaks on Sunset Clauses Tested: Jobema Developments

February 7th, 2016|Categories: News|

New limitations on sunset clauses tested: Jobema Developments Pty Limited v Zhu & Ors The Conveyancing Amendment (Sunset Clauses) Act 2015 which was enacted in November last year introduced new limitations on developers exercising ‘sunset [...]