From 1 January 2016 new rules apply in regard to what agents are required to do when appraising and listing residential property in NSW.
Amendments have been made to Section 72 of the Property Stock and Business Agents Act 2002. You can find the complete Underquoting Guidelines for Residential Property at NSW Fair Trading’s website.
This article briefly summarises the new legislation and answers the most common questions agents have about how it all works.
You need to download them, read them carefully and fully understand them. If you breach these rules and you are caught the fines are quite substantial and can include a loss of commission and expenses due to be paid by the vendor.
NSW
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the way with
new
Underquoting
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