Top 10 Points from Real Estate Agents Act 2008 for Buyers, Sellers and Agents

For Buyers:

01. Agent’s Duty of Care: Agents must act in the best interest of the buyer, maintaining professional conduct.

02. Disclosure Obligations: Agents must disclose any conflicts of interest and material information about the property.

03. Accurate Representation: Information provided by agents must be accurate and not misleading.

04. Commission and Fees: Understanding the agent's commission structure and any fees involved in the transaction.

05. Complaints and Disputes: Processes for lodging complaints against agents or disputing transactions.

06. Contractual Rights: Buyers have certain rights regarding contracts facilitated by real estate agents. Legally your offer has to be presented to the vendor.

07. Confidentiality: Agents are required to keep the buyer’s information confidential.

08. Professional Conduct: Agents must adhere to a code of professional conduct.

09. Legal Compliance: Agents must comply with all relevant laws, including fair trading and consumer rights.

10. Inspections and Due Diligence: The role of agents in facilitating property inspections and buyer's due diligence.

For Sellers:

01. Agent Obligations: Agents must act in the seller's best interest and provide honest, accurate advice.

02. Disclosure Requirements: Sellers must be aware of what they need to disclose about their property legally.

03. Marketing and Advertising: Regulations around how agents can market and advertise properties.

04. Commission and Fees: Understanding the costs associated with engaging a real estate agent.

05. Contractual Matters: Rights and obligations in agent contracts, including termination and exclusivity clauses.

06. Conflict of Interest: Agents must disclose any potential conflicts of interest.

07. Property Presentation: Advice and services agents can offer to enhance property appeal.

08. Negotiation and Offers: How agents handle offers and negotiations on the seller's behalf.

09. Settlement Process: The agent's role in facilitating the settlement process.

10. Complaints Procedure: Procedures for addressing grievances with an agent's service or conduct.

For Real Estate Agents:

01. Licensing Requirements: Must be licensed under the Act to legally practice.

02. Professional Conduct: Adherence to a code of professional conduct and ethical standards.

03. Client Interests: Obligation to act in the best interest of clients (both buyers and sellers).

04. Disclosure Obligations: Must disclose any conflicts of interest and pertinent information about the property.

05. Accurate Representations: Responsibility to ensure all representations about a property are accurate and not misleading.

06. Commission and Fees: Compliance with laws governing commission and fee structures.

07. Record Keeping: Keeping accurate records of all transactions and interactions.

08. Client Confidentiality: Maintaining confidentiality of client information.

09. Dispute Resolution: Understanding of processes for handling disputes or complaints.

10. Legal Compliance: Ensuring all transactions comply with relevant laws, including property and contract law.