CLAMPING DOWN ON REAL ESTATE UNDERQUOTING
Written on the 15 October 2015 by Kevin ConollyMember for Riverstone, Kevin Conolly welcomed the passing of Property, Stock and Business Agents Amendment (Underquoting Prohibition) Bill 2015 through the NSW Parliament this week, giving homebuyers greater protection when purchasing a property.
Mr Conolly said these reforms deliver on the NSW Government's 2015 election commitment to crackdown on underquoting in real estate transactions."As a Government we committed to overhauling the current laws to crackdown on the practice of real estate underquoting and we have delivered," Mr Conolly said.
"Astonishingly, there have been no successful prosecutions related to underquoting made under this Act in 13 years, so this reform is long overdue."Not only are homebuyers dealing with an increasingly competitive market but they often feel completely misled when it comes to the price of properties they are interested in buying, which is pushing their dream of home ownership further out of reach."
Amendments to the Property Stock and Business Agents Act 2002 include:
"There can be no doubt that introducing this legislation will stamp out bad practice within the real estate industry".The new laws take effect on 1 January 2016, with information sessions already underway. For more information visit: www.fairtrading.nsw.gov.au
Author: Kevin Conolly
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