NSW contracts to include buyers’ agent
NSW contracts to include buyers’ agent
Posted on Wednesday, November 05 2014 at 4:12 PM
The pending New South Wales Contract of Sale and Purchase of Land 2014 will recognise buyers’ agents as part of the property purchase process.
Jacque Parker, president of the Real Estate
Buyers Agents Association of Australia (REBAA), says the new contract, which
will replace the 2005 edition, provides the state’s first formal recognition of
these advocates in a transaction.
“Buyers’ agents are
fast becoming a secret weapon in the property market as homebuyers realise the
benefits of having a professional and fully independent advocate on their side.”
Parker says widespread recognition of buyers’
advocates, and their increasing role in transactions, is overdue and should be
taken up Australia-wide.
“As the leading industry body representing buyers’
agents in Australia, we are thrilled that our members are now legally
represented on NSW contracts and would like to see the same recognition for our
members nationally.”
The change sees insertion of buyers’ agent’s
names on page one of the contract when applicable.
Other amendments include a change to the
definition of “deposit holder” in clause one so that a buyers’ agent is able to
hold deposits where there’s neither a vendor’s agent nor a vendor’s solicitor.
Other amendments to the contract include the
introduction of e-conveyancing, extra vendor disclosure documents and special provisions
for payment by deposit bonds.
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