Underquoting by Agents: Are you ready for 1 May?
By Phillip Leaman
24 April 2017
Recently, TLFC Principal, Phillip Leaman brought you the blog, Underquoting by Agents: Get Prepared Now or Face Prosecution.
Following on from that discussion, the start of the new underquoting laws has been brought forward to 1 May 2017.
Agents need to get prepared to ensure that they have a compliance process in place to avoid their agency or individual agents being prosecuted under the new laws or the Australian Consumer Law.
Tisher Liner FC Law is assisting estate agent firms to get ready for the new law, by providing training to staff, introducing compliance measures, providing templates, checklists and guiding agents to navigate the new laws so when 1 May comes the risk of prosecution is greatly reduced.
Agents need to be aware that some of the breaches (which result in fines up to around $30,000) can occur without deliberate acts.
> If an agent does not provide a prospective purchaser with a statement of information within 2 business days, the agent and agency is liable for a fine if prosecuted.
> If an agent does not have a copy of the Statement of Information at an open for inspection, the agent and agency is liable for a fine if prosecuted.