Legal requirements for a property transaction
Appointment to act as a property agent
You must not do anything for a client until they appoint you in writing. Find out about the types of appointment and what they permit you to do.
Charging commission for selling and letting in the property industry
You must be clear and upfront when charging a commission. Find out the rules, including what you need to tell the client in advance.
Cooling-off period for residential property contracts (for buyers only)
A buyer must get a cooling-off period of 5 business days. Find out about what conditions apply and what the buyer must do to cancel the contract.
Auctioning a property
You must follow specific rules when conducting an auction. Find out about setting a reserve price, registering bidders and accepting vendor bids.
Disclose your interests in property transactions
You must disclose certain interests, including if you stand to personally gain from a property sale. Find out what to disclose and how to disclose it.
Warning statement for property sales
You must include a warning statement in the text of your sale contract. Find out what the statement must say and where to include it.
Doing property valuations
You may not mislead your clients about the estimated value of their property. Find out what you must and must not do when doing a valuation.
Check a person’s identity before a property transaction
Property agents can be deceived in identity fraud scams. Find out how to recognise warning signs, manage the risks and respond if it happens.
Subdividing and selling land
Learn the rules for subdividing, selling land and selling off the plan. Find out how the rules have changed, and what you need to do.