108HSale etc. by agent with interest in sale

108H Sale etc. by agent with interest in sale (1) An interested party may 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 agent if the interested party makes a full disclosure of the interested party's intention to purchase or of the interested party's beneficial interest in the purchase. (2) An interested party may sell directly or indirectly, or be beneficially interested in the sale of, land or a business from a person who is a client for whom the interested party is acting as agent if the interested party makes a full disclosure of the interested party's

Agents Licensing Act 1979 80 intention to sell or of the interested party's beneficial interest in the sale. (3) A disclosure under subsection (1) or (2) is to be in the approved form. (4) The approved form for subsection (3) is to: (a) provide that full details of the intention to purchase or sell or of the beneficial interest in the purchase or sale are to be set out in or attached to the form; and (b) contain a statement to the effect that, by virtue of the interested party's relationship with the client, the interested party may have gained information in relation to the client's circumstances and the proposed purchase or sale that may place the interested party in a position of advantage. (5) A disclosure under subsection (1) must be made: (a) to each person who is purchasing or selling the land or business; and (b) at the same time as, or immediately after, the agreement to purchase and sell the land or business is made. (6) A person to whom a disclosure is made must, before the expiry of a 7 day cooling-off period commencing on the day on which disclosure is made: (a) elect to affirm the agreement for the sale or purchase of the land or business; or (b) elect to avoid the agreement.