The Property and Stock Agents Regulation has been updated and is in force from 1 September 2022.
The Property and Stock Agents Regulation 2022 replaces the Property and Stock Agents Regulation 2014, with minor changes.
The key changes in the Regulation are:
- stronger disclosure requirements for vendor and buyer agents when accepting expression of interest deposits.
- requiring vendor agents to refund expression of interest deposits within 14 days if another person enters a sales contract
- exempting agents from having to disclose material facts listed in the PSA Regulation 2022 in relation to residential tenancy agreements
- updating the definition of buyers agent so it aligns with the Property and Stock Agents Act 2002
- requiring strata managing agents to co-operate with owners corporations or associations (of a community land scheme) in the transfer of management functions where they terminate the agents contract and decide to self-manage
- clarifying that assistant agents performing business agent and on-site residential property management functions may not enter contracts for the sale of land, enter an agency or franchise agreement, and authorise withdrawing money from a trust account
- clarifying the exemption from obtaining professional indemnity insurance
- removing the collection agent clauses allowing the Secretary to issue guidelines when agents use collection agents to collect rent.
Source NSW Fair Trading
The Rules of Conduct have also been updated.
It is worth noting that some section numbers have also changed. Your agency will need to update any forms or documents that refer to the 2014 Regulation.