REIQ Best Practice Guidelines v03.23 - Flipbook - Page 13
(d) Members must use the PO Form 11 and the
substitute licensee must give written and
signed consent, with certified identification.
14. VERIFYING OWNERSHIP AND
PROPERTY DESCRIPTION
(a) Before providing real estate services to the
Client, Members must take reasonable steps to
verify the ownership of property, property
description and/or business details11.
(b) Members should take reasonable steps to
verify the identity of the person purporting to
be the legal owner of the property or business,
or acting on behalf of the legal owner of the
property or business.
(c) Members should conduct a title search of the
property and take reasonable steps, including
conducting visual inspections, sighting or
obtaining evidence from the Client and
conducting other searches from a reliable and
credible source, to verify:
i.
the address of the property/business;
ii.
the legal description of the property,
ensuring all lots which encompass the
property are identified; and
iii.
that the Client has the legal authority
to deal with the property/business.
(d) Members should not accept an Appointment if
they are not satisfied that the Client has the
legal
authority
to
deal
with
the
property/business.
Verification of Identity Checklist
Available in Realworks
ensuring details are recorded accurately and
are sufficiently complete and directing your
Client or other parties to obtain necessary
advices prior to entering a contract/lease;
(b) ensuring all other party’s details are recorded
correctly and verifying the identity of that party
to ensure they have legal capacity to enter a
contract/lease, by:
i.
if the party is an individual, sighting
photo identification to satisfy the
Member of that person’s identity;
ii.
if the party is a company, verifying that
the company is registered and that the
person has authority on behalf of the
company to enter into the document;
iii.
if the party is a trust, verifying that the
person or company entering into the
contract/lease has lawful authority to
enter into the document as a trustee;
and
iv.
if the party is an attorney or personal
representative, verifying that the
person has authority on behalf of the
principal or estate to enter into the
contract/lease.
(C) using their best endeavours to ensure the
critical dates of the contract/lease (including
approval dates) are reasonable and achievable
taking into consideration the current market
standard and the party’s reliance on the
Members’ expertise to provide reasonable
direction on these matters.
16. ELECTRONIC COMMUNICATION
15. FACILITATING A VALID TRANSACTION
Members must take reasonable steps to facilitate
a valid, legally binding and enforceable contract
for sale, purchase, lease or other agreement for
their Client by:
(a) using reasonable care to complete the
particulars of a contract/lease (or any other
associated and/or legally binding document),
11
Members must obtain consent from all parties
to receive information via electronic
communication.
Consent to Receive Electronic
Communication
Available in Realworks
Property Occupations Regulation 2014, s 19
REIQ BEST PRACTICE GUIDELINES
V08.23
13