30 August 2022

NSW Fair Trading has released a notice, advising that there are updated rules for real estate agents, stock and station agents, strata managing agents, and assistant agents. These rules will start on 1 September 2022.

The new Property and Stock Agents Regulation 2022 supports the Property and Stock Agents Act 2002.

What’s changed?

Almost all agent obligations remain the same. There are some minor changes that improve consumer protections and reduce the administrative load for agents. These changes include:

• Stronger disclosure requirements for agents about expression of interest deposits.

• Selling agents must refund expression of interest deposits within 14 days if another person enters a contract for the sale of land.

• Agents only need to disclose the material facts outlined in the Residential Tenancies Regulation 2019 when dealing with residential tenancy agreements.

• Clarifying that assistant real estate agents performing business broking or on-site residential property management functions are prohibited from carrying out certain duties. This aligns with rules that apply to assistant real estate agents in sales and leasing roles.

• Requiring strata managing agents (and assistant agents) to cooperate with an owners corporation or association when transferring management functions to them. This applies when the owners’ corporation or association has ended the agent’s management contract.

Six-month transition

NSW Fair Trading is giving agents a six-month transition period (1 September 2022 to 1 March 2023) to adjust to the changes.

Visit NSW Fair Trading’s website for more information.