We have been advised that the The Property, Stock and Business Agents Amendment (Property Reports and Exemption) Regulation 2016 was approved yesterday.
The Amendment Regulation will be published on the NSW legislation website (www.legislation.nsw.gov.au) on the 29 July 2016, and will commence on 15 August 2016.
A copy of the Amendment may be downloaded here.
EAC as part of the NSW Fair Trading Real Estate Reference Group has provided feedback on the amendments during the drafting process including the most recent draft that was provided by NSW Fair Trading on the 10 July 2016.
In our last response we requested several changes including the deletion of some clauses and stated that they were “too onerous on the agent from a practical or compliance perspective.” and suggested that “more thought needs to be given before ‘rushing’ through the amendments.”
In his response to the email from NSW Fair Trading advising of the approval of the Amendment, EAC CEO David Crombie responded “It would appear as though the changes were ‘rushed’ through with little or no thought given to the issues raised by the Real Estate Reference group.”
EAC is currently reviewing its agency agreements and systems to determine how we can assist you in complying with the new requirements.