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.
For example:

> 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.

If you operate an estate agency and would like Tisher Liner FC Law to develop a compliance package for you, please contact Phillip Leaman of our office to arrange a suitable time.

Related Articles

View All
Business Law / Construction / Employment Law

September 2018 Newsletter

September 2018 Newsletter See the full newsletter here Welcome TLFC Law are pleased to welcome Min Seetoh to the...
Read More
Property & Development / Real Estate Agents

Unprofessional estate agents need not read this.

Apart from re-arranging some sections, estate agents have additional obligations of professional conduct They include:...
Read More
Property & Development / Litigation & Dispute Resolution

Subpoenas: think twice before pushing the button

In a recent decision of the Supreme Court of Victoria, Brady Queen Pty Ltd and 280 Queen Street Pty Ltd & Anor (No...
Read More
Business Law / Property & Development / Developments

Tisher Liner FC Law finalists in the Australian Law Awards 2018

The 18th annual Australian Law Awards, in partnership with UNSW Law, recognises the outstanding contribution of...
Read More
Litigation & Dispute Resolution / Property & Development / Developments

Rules of Thumb for Purchasing a Property

Good advice is only going to benefit you if you take advantage of it This applies whatever your purpose for the...
Read More
Property & Development / Developments / Owners Corporations & Strata

Landlords – Make sure you get paid!

So what are the tips to get paid Make sure your lease is valid Has there been a renewal since the lease was entered...
Read More
Real Estate Agents / Property & Development

ESTATE AGENT UPDATE – Agents breathe a sigh of relief

A recent case in the Victorian Court of Appeal in Advisory Services Pty Ltd v Augustin held that certain rebate...
Read More
Property & Development / Developments / Real Estate Agents

Developers – Are you ready for 1 July 2018? New GST withholding regime for residential property transactions

From 1 July 2018, the new GST withholding regime requires purchasers of new residential premises or potential...
Read More
Owners Corporation / Property & Development / Owners Corporations & Strata

Considering renovating your apartment? Have you checked you legally own it?

Our population is growing and the construction of higher-density housing is booming Considering renovating If you opt...
Read More
Construction / Property & Development / Construction

Nafsika Palbas Wins Lawyers Weekly 30 Under 30

Entrants for the award were required to demonstrate strong performance in their areas of expertise in conjunction with...
Read More
Owners Corporation / Owners Corporations & Strata / Health & Aged Care

Owners Corporations & Retirement Villages in Victoria

People in Victoria over 55 years of age and who have retired from full time employment, may be eligible to purchase a...
Read More
Australia-Israel Legal Advice / Charities & Not-for-Profit / Technology and Start Ups

TLFC – Award Finalist for Law Firm of the Year (Medium Category)

Tisher Liner FC are proud to be nominated as an award finalist in the 14th annual Victorian Legal Awards Medium Law...
Read More