The day to day operations of buyers agents are governed by a variety of acts, that allow transactions and practice in the real estate industry.
Buyers agents must also comply with general business laws, covering fair trading, building, property sales, tenancy, anti-discrimination, employment, industrial relations, and occupational health and safety laws.
It’s not a walk in the park, learning to read and digest all this information, but it certainly adds value to those of us who do, and of course to our clients.
The following legislation covers the day to day operations:
- Estate agent act 1980 and regulations
- Australian consumer law and fair trading act 2012
- Sale of land act 1962 and regulations 2005
- Transfer of land act 1958
- Property law act 1958
- Instruments act 1958
- Residential tenancies act 1997 and regulations
- Retail leases act 2003 and regulations
- Equal opportunity act 2010
- Crimes act 1958
- Domestic building contracts act 1995
- Building act 1993
- Subdivision act 1988 and regulations
- Owners corporation act 2006 and regulations
- Occupational health and safety act 2004
- Duties act 2000
If you are experiencing problems with understanding an agents legal obligations, you can talk to consumer affairs.
The industry is also governed by codes of ethics.
These are clearly laid out by the national industry and state industry bodies. Not all agents need to register with these as members, but assuming they still approach their job seriously, they will be following these guidelines:
- Always ethical, honest and fair to all parties they deal with
- Always deliver professional service
- Adhere to uniform industry standards
- Undertake ongoing professional development
- Ensure that information provided is current, accurate, relevant and complies with the law.
We hope that agents all operate within the spirit of these guidelines!