REIQ Best Practice Guidelines v03.23 - Flipbook - Page 27
(c) Member Sales Agents must not release the
buyer’s deposit or account for their
commission until they are advised by the
parties’ Legal Practitioners in writing that
settlement has occurred.
ii.
how the Member Sales Agent
proposes to take the commission (if
they hold a deposit or if an invoice
shall be issued);
iii.
confirming the grounds under which
the Member Sales Agent is entitled to
the commission and authorised to take
the commission (as set out in the PO
Form 6 REIQ Sales Schedule); and
iv.
giving the Client reasonable time to
provide their response before the
Member Sales Agent will take further
steps to take their commission.
(d) If the contract is terminated while the buyer is
in possession of the property, the Member
Sales Agent may request the keys and devices
be returned by the buyer.
30. DEALING WITH THE DEPOSIT AFTER
SETTLEMENT
(a) If the buyer’s deposit held by the Member Sales
Agent is sufficient to cover the Member Sales
Agent’s commission, then the Member Sales
Agent may deduct its commission from the
buyer’s deposit when it releases the deposit to
the Client, if authorised under the PO Form 6.
(c) If the Member Sales Agent does not receive a
response from the Client by the stated time or
if the Client does not provide a valid reason for
their dispute in the Member’s opinion acting
reasonably, the Member Sales Agent
should seek legal advice.
(b) If the buyer’s deposit does not sufficiently
cover the Member Sales Agent’s commission
and a balance is due and payable at settlement,
the Member Sales Agent may:
i.
Account for the entire buyer’s deposit
after settlement as part payment
toward the Member Sales Agent’s
commission, if authorised under the
PO Form 6; and
ii.
Issue an invoice for the balance
amount payable due on the settlement
date to be paid by the Client at
settlement from the sale proceeds.
(d) If there is a dispute as to whether the Member
Sales Agent was the effective cause of sale, the
Member Sales Agent should contact the REIQ
Agency Advisory Service for practice
advice or obtain independent legal
advice.
32. BODY CORPORATE
After settlement, Member Sales Agents should
ensure that a completed Information for Body
Corporate Roll (BCCM Form 8) is provided to the
relevant body corporate by the buyer’s Legal
Practitioner.
31. ENTITLEMENT TO COMMISSION
(a) Member Sales Agents are entitled to their
commission as stated in the PO Form 6 and
REIQ Residential Sales Schedule if they are the
effective cause of sale of the property.
(b) If a Client disputes a Member Sales Agent’s
entitlement to their commission, the Member
Sales Agent should send a notice to the Client
within 5 business days, stating:
i.
what amount of commission the
Member Sales Agent is entitled to;
REIQ BEST PRACTICE GUIDELINES
V08.23
33. ATTORNMENT NOTICE
Once a property has settled, a Member Sales Agent
should give the tenant, or cause the Client’s
Property Manager to give the tenant, an
Attornment Notice advising them of the new
property owner, the new owner’s contact details
and where to pay rent, on the settlement date. It is
recommended that you request this is completed
by the Property Manager immediately after
settlement.
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