New real estate reforms proposed legislation

28-Nov-2017

On the 21st November 2017 the Minister for Better Regulation Matt Kean has announced legislation to strengthen standards in NSW’s $15 billion-a-year real estate industry.

This is a major review of the  Property, Stock and Business Agents Act since it became law in 2002.
Agents need to be aware of their additional responsibilities to comply with the revised legislation.

More details of the proposed legislation will be released at a later date and a proposed starting date also to be clarified.

The key reforms include:

 Strengthening training standards in the property services industry, including for real estate agents;
 Creating a new licensee-in-charge who will supervise agents, oversee trust accounts, and ensure compliance. 
 Applicants will require more practical experience and additional qualifications;
 Banning gifts or benefits that could cause conflicts of interest;
 Greater transparency around fees, charges and commissions received by agents;
 Introducing separate trust accounts for rent and sales money;
 Requiring all trust account audits to be submitted to NSW Fair Trading;
 New fraud prevention measures that will require agents to transfer rental income out of trust accounts
    at the end of each month; and,
 Giving NSW Fair Trading greater powers to tackle rogue agents. 

If you would like to discuss the proposed changes further, please contact us at simeonico@simeoni.com.au


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