The Real Estate industry body said the Property Occupations Bill (PO Bill) and the Agents Financial Administration Bill (AFA Bill) that were introduced last week were the result of more than a year of collaboration between the state government and the industry.Some very positive legislative changes - at last - and thanks to the REIQ for their strong input! The proposed legislative amendments include: 1. Removing the requirement for agents to disclose to a buyer the commission the agent is receiving from the seller 2. Extending the statutory limit on lengths of appointments for a sole or exclusive agency from 60 days to 90 days to better reflect market realities 3. Deregulating the maximum commissions payable 4. Abolishment of a separate Warning Statement. Instead, this will be included in the relevant contract 5. Stricter disclosure of third party benefits to buyers Great improvements!!!
Posted on: Tue, 26 Nov 2013 09:14:18 +0000
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