Have your say on laws for licensed real estate, property and stock agents.
In NSW, licensed real estate, strata managing, assistant, as well as stock and station agents are regulated by the Property and Stock Agents Regulation 2014 and the Property and Stock Agents Act 2002. The current Regulation is due to expire on 1 September 2022.
The proposed new Property and Stock Agents Regulation 2022 has been modernised and improved with more clarity, better consumer protections and less administrative load for agents. It keeps many of the existing rules with some minor changes, including:
- new arrangements to make it easier for strata and community land schemes to access records and information from a strata managing agent
- strengthening the requirements for agents to disclose information about expression of interest deposits and returning deposits to potential buyers – which improves transparency and consumer protections
- reducing the current thresholds for major property holdings – meaning agents who only carry out commercial property agency work for properties of a certain size do not need to hold a real estate agent licence
- reducing the administrative load for agents by changing the disclosure of material facts requirements – agents dealing with prospective tenants only need to disclose the material facts outlined in the Residential Tenancies Act 2010.
For more details about the proposed changes, you can access:
New laws start from 1 September 2022
The new Property and Stock Agent Regulation 2022 started from 1 September. Visit the NSW Fair Trading website to find out more about the changes.
