108GRestriction on agent etc. purchasing or selling property in

108G Restriction on agent etc. purchasing or selling property in which the agent is interested (1) Subject to subsection (6), an interested party must not purchase directly or indirectly, or be beneficially interested in the purchase of, land or a business from a person who is a client for whom the interested party is acting as an agent. (2) Subject to subsection (6), an interested party must not directly or indirectly accept title to land or a business if he or she is in breach of subsection (1). (3) Subject to subsection (6), an interested party must not sell directly or indirectly, or be beneficially interested in the sale of, land or a business to a person who is a client for whom he or she is acting as an agent. (4) An interested party must not receive commission from a client after he or she has been found guilty of an offence against subsection (1) or (3). (5) A person who is found guilty of an offence against this section: (a) must account for and repay to the client all profits (including commission received) resulting from the purchase or sale and any subsequent dealing with the land or business; and

Agents Licensing Act 1979 79 (b) if the offence is an offence against subsection (2) – must, unless there is an agreement to the contrary with the client, transfer to the client the title to the land or business to which the offence relates. (6) This section does not apply if: (a) the land or business is purchased by a person who is a shareholder or creditor of a licensed agent that is: (i) a corporation the shares of which are listed on a prescribed financial market (as defined in section 9 of the Corporations Act 2001); or (ii) a prescribed corporation; or (b) the interested party acted honestly and reasonably; or (c) the client is in substantially as good a position as if the interested party had no interest whatsoever in the purchase or sale; or (d) the interested party has complied with section 108H. (7) A person who has sold land may lodge a caveat with the Registrar- General in respect of the person's former interest in the land if: (a) the person believes that the person who acted as agent for him or her for the purposes of the sale of the land was beneficially interested in the purchase of the land at the time of the transaction; and (b) the sale of the land is or will be the subject of an action brought under this section, unless the land has, after the person sold it, been sold to a bona fide purchaser.