{"id":"F2026L00344","name":"ASIC Corporations (Real Estate Companies) Instrument 2026/99","slug":"asic-corporations-real-estate-companies-instrument-2026-99","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107931,"registerId":"commonwealth-F2026L00344-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Real Estate Companies) Instrument 2026/99","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Real Estate Companies) Instrument 2026/99\n\nI, Amanda Zeller, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 23 March 2026\n\nAmanda Zeller\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Schedules....................................................3\n\n5 Simplified outline of this instrument...............................3\n\n6 Definitions...................................................3\n\nPart 2—Exemption 6\n\n7 Shares in real estate companies...................................6\n\nPart 3—Repeal 8\n\n8 Repeal.......................................................8\n\nSchedule 1—Repeals 9\n\nASIC Corporations (Real Estate Companies) Instrument 2015/1049.........9\n\nASIC Corporations (8 Daphne Street Botany Ltd – Real Estate Company) Instrument 2017/1063 9\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Real Estate Companies) Instrument 2026/99.\n\n2 Commencement\n\nThis instrument commences on the later of:\n\n(a) the day after it is registered on the Federal Register of Legislation; and\n\n(b) 1 April 2026.\n\n> Note: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under subsections 741(1) and 926A(2) of the Corporations Act 2001.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5 Simplified outline of this instrument\n\nThis instrument provides exemptions from:\n\n(a) Parts 6D.2 and 6D.3 of the Act for persons who sell shares in a real estate company; and\n\n(b) the requirement to hold an Australian financial services licence for:\n\n(i) licensed real estate agents who provide general advice to a vendor in relation to shares in a real estate company or who deal in such shares on behalf of a vendor; and\n\n(ii) persons who provide general advice in relation to shares in a real estate company that relates to a valuation of such shares or a valuation of property.\n\nThe exemptions are subject to various requirements.\n\n6 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\neligible shares, in relation to a real estate company, means shares in the real estate company other than shares which entitle the holder to an interest in a time-sharing scheme.\n\nlicensed real estate agent means a person licensed as a real estate agent in a State or Territory.\n\nproperty means land in relation to which a real estate company is the owner or lessee under a Crown lease.\n\nreal estate company means a company, other than a company included in the official list of a declared financial market, that satisfies any of the following paragraphs:\n\n(a) a company that is the owner of property, or the registered lessee of property under a Crown lease granted for a period of not less than 99 years, on which a building divided into separate areas and areas for common use is erected, where:\n\n(i) the shareholders of the company are entitled, because of the shares they hold in the company, to the exclusive occupation of one or more of those areas and to the use of any common areas; and\n\n(ii) either:\n\n1.  the company’s constitution prohibits the payment of any income or dividend to shareholders other than on the winding up of the company; or\n2.  the company operates principally for the purpose of facilitating and enforcing the rights of shareholders in relation to exclusive occupation of those areas and maintaining any common areas;\n\n(b) a company that is a service company, in respect of a building subdivision, within the meaning of the Transfer of Land Act 1958 of Victoria (commonly known as stratum title companies);\n\n(c) a company of the type described in section 5.10(4) of the repealed Local Government (Planning and Environment) Act 1990 of Queensland (commonly known as lake title companies);\n\n(d) a company that is the owner of property which adjoins property owned by its shareholders and is subject to easements of right of way in favour of those adjoining properties (commonly known in Queensland as court title companies).\n\n> Note: declared financial market is defined in section 9D of the Act. Until the time the first declaration is made under subsection 9D(2), a market that was prescribed as a prescribed financial market by former regulation 1.0.02A of the Corporations Regulations 2001 is taken to be a declared financial market: see section 1705F of the Act.\n\nvendor means a person, being an owner of shares in a real estate company, who proposes to sell the shares.\n\nPart 2—Exemption\n\n7 Shares in real estate companies\n\nVendors\n\n(1) A person that makes an offer for sale of eligible shares in a real estate company does not have to comply with Part 6D.2 or 6D.3 of the Act in relation to the offer where all of the following are satisfied:\n\n(a) the offer to sell the shares in the company is made by or on behalf of the vendor;\n\n(b) a copy of the draft contract for sale of the shares is publicly available at the time of making the offer;\n\n(c) the terms of the draft contract include particulars as to:\n\n(i) the area or areas to which the shares relate and title particulars of the property and any interest affecting that property; and\n\n(ii) the occupancy and any usage rights in respect of the area or areas to which the shares relate;\n\n(d) it is an essential term of the draft contract that on completion of the contract:\n\n(i) the purchaser will be, or will be entitled to be, the registered holder of the shares; and\n\n(ii) the title of the company to the property will be unencumbered, subject only to any matter affecting that title described in the contract;\n\n(e) the draft contract contains a warranty by the vendor that, so far as the vendor is aware, after making reasonable enquiries of the directors of the company:\n\n(i) other than as disclosed in the contract, the company has no actual or contingent liabilities (except normal operating expenses for its current financial year) nor are there any defects (whether patent or latent) in any common property which may involve the company incurring the expenditure of money for repair or replacement (other than ordinary wear and tear); and\n\n(ii) the company is not being wound up and, other than as disclosed in the contract and so far as the vendor is aware:\n\n(A) the company is not subject to any external administration or liable to be wound up; and\n\n(B) no action is pending in any court for the winding up of the company; and\n\n(C) no meeting has been called for the purpose of winding up the company; and\n\n(iii) there are no proceedings pending in any court against the company that might prejudice or detrimentally affect it or its assets;\n\n(f) under the terms of the draft contract, the purchaser may make requisitions in relation to the vendor’s title to the shares and the company’s title to the property other than in respect of any matter fully disclosed and clearly described in the draft contract and identified as acceptable to the purchaser;\n\n(g) copies of the following are annexed to the draft contract:\n\n(i) the title documents in respect of the property which are current as at the date of the sale offer;\n\n(ii) the constitution and any other charter documents of the company which are current as at the date of the sale offer.\n\nReal estate agents\n\n(2) A licensed real estate agent that, in relation to an offer for sale of eligible shares in a real estate company, provides general advice to a vendor in relation to the shares or deals in the shares on behalf of a vendor, does not have to comply with subsection 911A(1) of the Act for the provision of those financial services, provided:\n\n(a) the offer satisfies the requirements of subsection (1); and\n\n(b) the agent has, before providing any of the financial services to the vendor, disclosed to the vendor the following information in writing:\n\n(i) the agent does not hold an Australian financial services licence;\n\n(ii) the relationship between the agent and the vendor is governed by the real estate licensing provisions in the relevant State or Territory.\n\nValuers\n\n(3) A person that provides general advice to another person in relation to eligible shares in a real estate company does not have to comply with subsection 911A(1) of the Act for the provision of the advice where the advice relates to a valuation of eligible shares in the real estate company or a valuation of property.\n\nPart 3—Repeal\n\n8 Repeal\n\nThis instrument is repealed at the start of 1 April 2031.\n\n  \n\nSchedule 1—Repeals\n\nASIC Corporations (Real Estate Companies) Instrument 2015/1049\n\n1 The whole of the instrument\n\nRepeal the instrument.\n\nASIC Corporations (8 Daphne Street Botany Ltd – Real Estate Company) Instrument 2017/1063\n\n2 The whole of the instrument\n\nRepeal the instrument.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument consolidates and replaces two previous ASIC instruments (2015/1049 and 2017/1063) without expanding the scope. It maintains the same regulatory approach for real estate companies, merely updating the framework and setting a new sunset date. The exemptions cover the same categories of persons (vendors, real estate agents, valuers) and the same types of companies (company title, stratum title, lake title, court title)."},"complexity_factors":["Multiple defined terms (6 definitions including nested concepts like 'eligible shares' excluding time-sharing schemes)","Cross-references to external legislation (Corporations Act 2001, Victorian Transfer of Land Act 1958, repealed Queensland Local Government Act 1990)","Conditional exemptions with 7 specific requirements for vendors (subsection 7(1))","Nested sub-paragraphs (7(1)(e)(ii)(A)(B)(C)) creating multiple conditions that must all be satisfied","References to historical legislative concepts (repealed Queensland legislation, former regulation 1.0.02A)","Sunset clause with automatic repeal date (1 April 2031)","Repeal of two previous instruments consolidating them into one"],"plain_english_summary":"This ASIC rule lets people sell shares in company‑title properties (e.g., certain apartments) without preparing a full prospectus or needing an AFSL for basic assistance. It affects sellers, buyers, real estate agents and valuers, and keeps routine home sales cheaper and simpler.\n\nExemptions require public draft contracts and key property/company disclosures and warranties, so buyers still get important information and protections."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The instrument replaces earlier ASIC instruments listed in Schedule 1 and consolidates exemptions while adding explicit AFSL relief for licensed real estate agents and valuers, new defined scope for 'eligible shares' and 'real estate company', and a sunset clause repealing the instrument on 1 April 2031 (see Schedule 1, s6 and s8). These changes alter the regulatory baseline that applied under the repealed instruments by restating conditions for exemption and setting a fixed expiry."},"complexity_factors":["Multiple interacting exemptions: removes Parts 6D.2/6D.3 disclosure obligations for vendors and s911A AFSL requirement for some agents/valuers, conditioned on meeting detailed requirements (see s5 and s7).","Detailed transactional conditions for exemption: vendors must publicly provide a draft contract with specific particulars (title, occupancy, warranties), annexures and purchaser requisition rights (see s7(1)(b)–(g)).","Definitions that narrow scope: 'real estate company' and 'eligible shares' contain multiple sub-paragraphs tied to state title regimes and exclude time-sharing interests (see s6).","Split regulatory competence: licensed real estate agents remain regulated under state licensing regimes but must make written AFSL-disclosure to vendors before providing services (see s7(2)(b)).","Cross-jurisdictional references to state statutes and historic Commonwealth definitions (Transfer of Land Act 1958 (Vic), repealed Qld Act, declared financial market note) increase interpretive complexity (see s6 and accompanying note).","Sunset and repeal mechanics: this instrument itself expires on 1 April 2031 and expressly repeals earlier instruments listed in Schedule 1, affecting regulatory continuity (see s8 and Schedule 1).","Reliance on vendor warranties and \"reasonable enquiries\" creates practical compliance and litigation risk around factual accuracy and disclosure sufficiency (see s7(1)(e)).","Interplay between vendor-made disclosures and purchaser protections (requisition rights and acceptable disclosures) requires careful contract drafting to preserve exemptions (see s7(1)(d) and s7(1)(f))."],"plain_english_summary":"This instrument creates targeted exemptions from parts of the Corporations Act for sales of \"eligible\" shares in certain small real estate-owning companies. Vendors can avoid some disclosure rules if they publish a draft sale contract with specified title, occupancy and warranty information; licensed real estate agents and valuers can be exempted from needing an Australian financial services licence for limited, specified advice. It reallocates disclosure and compliance tasks to vendors while narrowing licensing obligations for agents and valuers."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-real-estate-companies-instrument-2026-99","history":"/api/acts/asic-corporations-real-estate-companies-instrument-2026-99/history","analysis":"/api/acts/asic-corporations-real-estate-companies-instrument-2026-99/analysis","conflicts":"/api/acts/asic-corporations-real-estate-companies-instrument-2026-99/conflicts","importantCases":"/api/acts/asic-corporations-real-estate-companies-instrument-2026-99/important-cases","documents":"/api/acts/asic-corporations-real-estate-companies-instrument-2026-99/documents"}}