REIQ Best Practice Guidelines v03.23 - Flipbook - Page 25
20. COOLING-OFF PERIOD
22. BUILDING AND PEST CONDITIONS
(a) Member Sales Agents should not provide the
parties with any advice in relation to the
cooling-off period.
(b) If a buyer wishes to waive or shorten the
cooling-off period, Member Sales Agents must
obtain a signed Waiver/Shortening of CoolingOff Period from them with the signed contract.
(c) If a contract is terminated by the buyer under
the cooling-off period, Member Sales Agents
may withhold 50% of any penalty their Client is
entitled to retain from the buyer’s initial
deposit, if applicable under the PO Form 6 REIQ
Residential Sales Schedule and Essential Terms.
(a) If a contract is subject to a building and pest
inspection condition, the Member Sales Agent
should facilitate an inspection of the property
by:
i.
ii.
if the property is tenanted, issuing an
Entry notice (Form 9) to the tenant,
within the requisite time frame for
notice;
iii.
encouraging the Client to ensure all
parts of the property are accessible to
the inspector; and
iv.
advising the Client to remove hazards
at the property prior to the inspection.
21. INITIAL / BALANCE DEPOSIT
(a) Member Sales Agents should try to obtain a
maximum total deposit of ten (10) percent of
the purchase price for their Client.
(b) If a buyer has:
i.
paid a deposit by an electronic funds
transfer;
ii.
provided evidence of payment such as
a payment confirmation showing the
account details, amount and date of
payment; and
iii.
does not do anything that delays the
payment;
then the Member Sales Agent may provide a
Notice of Deposit Payment confirming the
deposit has been paid on the day it was paid.
(c) It is recommended that the Member Sales
Agent use a third-party secure payment
platform when requesting funds from parties.
Refer to REIQ Cyber Toolkit.
Waiver of Cooling Off Period and
Notice of Deposit Payment
Available in Realworks
REIQ BEST PRACTICE GUIDELINES
V08.23
seeking the Client’s approval about the
time and date the buyer seeks to have
the inspection;
(b) Member Sales Agents should not provide any
advice to a prospective buyer about a building
and pest inspection report including:
i.
an assessment of the defects listed;
ii.
providing an estimation of the cost of
repair or replacement with respect to
defects; and
iii.
whether a prospective buyer has a
right to terminate based on the type of
defect listed or severity of defects
accumulated.
23. FINANCE CONDITIONS
(a) Member Sales Agents should act reasonably if
recommending a time frame for a finance
approval condition to a prospective buyer,
giving consideration to the prospective buyer’s
reliance on the Member Sales Agents’
knowledge and expertise.
(b) Member Sales Agents should not provide any
advice to a buyer with respect to their finance
condition of the contract of sale, affirming,
waiving or terminating the contract under the
finance approval condition.
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