REIQ Best Practice Guidelines v03.23 - Flipbook - Page 24
(b) Member Sales Agent must also disclose any
material facts in regard to the property which
may affect a prospective buyer’s decision to
purchase the property, acting reasonably, such
as:
i.
if there are any significant defects,
uncertified structures, owner-builder
works;
ii.
if there is stigma attached to the
property, such as a death at the
property; and
iii.
if there are any nuisance issues
pertaining to the property or area
surrounding that may reasonably
interfere with a buyer’s enjoyment of
the property.
(c) If any of the above matters in (a) and (b) are
applicable to the property, Member Sales
Agents must direct their Client to obtain
legal advice about their obligations of
disclosure prior to entering into a contract with
a prospective buyer.
ii.
Note: Refer to the Seller’s Contract
Preparation Checklist when considering any
of the matters in this guideline 18.
Seller’s Contract Preparation Checklist
Available in Realworks
19. SECTION 206 DISCLOSURE STATEMENT
(a) This guideline 19 applies if the property being
sold is a lot in a Community Titles Scheme.
(b) Member Sales Agents must provide a signed
s206 disclosure statement to a prospective
buyer of a property with the draft contract.
(c)
(d) If a Client instructs a Member Sales Agent not
to disclose a matter under this guideline 18, it
is recommended that the Member provide a
written statement to the Client confirming:
i.
that the Member Sales Agent has
directed the Client to obtain legal
advice about the matter, the Client’s
disclosure obligations and the potential
ramifications under the contract; and
Watch the REIQ Contract
Essentials for Sales Agents
training video series
REIQ BEST PRACTICE GUIDELINES
V08.23
that in any event, the Client has instructed
the Member Sales Agent not to disclose
the matter.
A s206 disclosure statement must be signed
either:
i.
by the Client; or
ii.
by the Member Sales Agent only if they
hold a signed written authority from
the Client.
(d) Member Sales Agents should obtain a
completed statement from the body corporate
of the community titles scheme. The Member
Sales Agent must not provide advice to the
Client about the information provided
including whether it is substantially complete.
(e) Member Sales Agents should direct
their Client to obtain legal advice about
the
information
disclosed
and
what
termination rights a buyer may have under the
Body Corporate and Community Management
Act should the information be incorrect or
incomplete.
Disclosure Statement
Available in Realworks
24