Buying a resident letting agency
Before you buy a resident letting agency, the body corporate will need to approve you as the new agent in writing. You don’t need to send us this.
If you don’t already have one, you will need to apply for a licence as a:
You must not act until we issue your licence.
If you don’t get a licence, you cannot run the business. This includes:
- collecting rent
- managing the property
- taking any commission or fees.
You can be fined if you act as a licensee or take any reward without a licence.
At least 14 days before settlement, the old agent must give you access to trust account records. These records must cover, as a minimum, the past 5 years.