REIQ Best Practice Guidelines v03.23 - Flipbook - Page 22
15. EXPRESSION OF INTEREST
(a) A genuine expression of interest should
include the following information:
i.
the offered purchase price;
ii.
the deposit amount;
iii.
if the buyer requires the contract to be
conditional on finance or a building
and pest inspection;
iv.
if the buyer requires any special
conditions to be included; and
v.
the proposed settlement date.
Member Sales Agents may in their discretion
choose not to provide an expression of interest
to their Client, if it does not meet the criteria of
a genuine expression of interest and does not
constitute a breach of the Member Sales
Agent’s obligation to act in the best interests
of the Client.
(b) Member Sales Agents must not engage in
conduct that is deceptive and misleading. For
example, making representations to one
prospective buyer that induces them to
increase their offer on the basis of another
offer that has been made by another
prospective buyer (whether fictitious or not).
Multiple Offer Acknowledgement
Available in Realworks
17. PREPARING A CONTRACT FOR SALE
(a) If a Member Sales Agent is instructed to
prepare a contract for sale by a Client, the
Member Sales Agent should notify the Client
that:
i.
the Member Sales Agent can facilitate
a contract but will be unable to provide
legal advice or services (ie. drafting
special conditions) with respect to the
contract; and
ii.
the Member Sales Agent has
recommended the Client obtain
legal advice.
Notice of Offer to Purchase
Available in Realworks
16. MULTIPLE OFFERS
(a) To protect Member Sales Agents from any
claim of unprofessional conduct or breach of
their fiduciary duty to the Client and for
transparency, if a Member Sales Agent receives
multiple offers for a property for sale, the
Member Sales Agent should:
i.
ii.
iii.
iv.
(b) If a Member Sales Agent prepares a contract
for sale of a property, the Member Sales Agent
should ensure:
i.
they have completed the particulars of
the contract correctly and with
reasonable care;
ii.
advise each prospective buyer that
they should make their best offer for
their Client’s consideration by a
specified time and date;
they have inserted the correct legal
description of the Client and buying
entity;
iii.
they have expressed the price clearly
as GST inclusive or exclusive and
completed the GST schedule correctly;
obtain a signed Multiple Offer notice
from each prospective buyer; and
iv.
they have completed the legal
description of the property correctly;
present all genuine offers to the Client
for the Client’s consideration at the
stated time and date.
v.
they have completed the disclosure
details correctly and without omission,
including title encumbrances, tenancy
details, body corporate disclosure; and
notify each prospective buyer that
multiple offers are being made for the
same property;
REIQ BEST PRACTICE GUIDELINES
V08.23
22