REIQ Best Practice Guidelines v03.23 - Flipbook - Page 23
vi.
if a special condition is required by the
Client, the Member Sales Agent should
only insert a special condition if they
are certain that condition has been
prepared by a Legal Practitioner.
F.
vi.
if there are any outstanding
obligations imposed on the Client
under the Environmental Protection Act
or if the Client is aware of any other
matter which may lead to the land
being classified as contaminated;
vii.
if access or any services to the land
pass unlawfully through other land;
viii.
if there is an outstanding notice of a
development approval which may
constitute a mistake in the seller’s title
to the land;
ix.
if the property is heritage listed;
x.
if the property is a lot in a community
titles scheme, that:
18. SELLER’S CONTRACTUAL DISCLOSURE
(a) Member Sales Agents should obtain
instructions from their Client about matters
which the Client is required to disclose to a
prospective buyer either contractually or
legally, including but not limited to, the
following matters – refer to the REIQ Seller’s
Contract Preparation Checklist:
i.
ii.
if the present use of the property is
lawful;
the Client’s legal capacity to enter and
complete the contract (they are not
bankrupt or insolvent) and if the seller
is a trustee, they have a power of sale
under the instrument of trust;
iii.
if there is current, pending or
threatened litigation by any third party
claiming an interest in the property or
which may affect the property or the
Client’s title to the property;
iv.
if there is an unsatisfied judgment,
order or writ affecting the property or
Client’s ability to complete the
contract;
v.
if there is an order or notice issued by
a competent authority:
A. under the Building Act or Planning
Act (show cause notice);
B. proposing to alter dimensions of
transport infrastructure;
C. to resume any part of the land;
D. declaring the land as acquisition
land;
E. under the Foreign Acquisitions and
Takeovers Act being a charge on
the land;
REIQ BEST PRACTICE GUIDELINES
V08.23
requiring work to be done or
money spent in relation to the
property which must be complied
with;
xi.
A.
there is no unregistered right
which is required to be
registered
to
give
indefeasibility affecting the
common property of body
corporate assets;
B.
there is no proposal to record
a
new
community
management statement; and
C.
all body corporate consents to
improvements
made
to
common
property
which
benefit the lot are in force; and
a copy of any general tenancy
agreements and if there are any
disputes or issues with a tenant.
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