Sch 4Terms specific to agency agreements for sale of residential property

Schedule 4 Terms specific to agency agreements for sale of residential property Section 4.2 page 18 Agents Regulation 2003 Effective: 13/09/24 R23 13/09/24 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 4.2 Warning about other agency agreements (1) The agency agreement must include the following statement: WARNING: Have you signed an agency agreement for the sale of this property with another agent? If you have you may have to pay 2 commissions (if this agreement or the other agreement you have signed is a sole or exclusive agency agreement). (2) The warning statement under subsection (1) must follow immediately after the term required by schedule 3, section 3.9 (Remuneration) and be no less prominent than that term. 4.3 Fixed term agency agreements (1) If the agreement is for a fixed term that is longer than 90 days, the agreement must include a term that entitles the principal to end the agreement (without penalty) by giving 30 days written notice to the agent at any time after the end of the first 90 days of the term. (2) This section does not apply to an agency agreement in relation to the sale of residential property if the contract for sale provides for the construction by the seller of a dwelling on the land. 4.4 Price at which property is to be offered If the agreement provides for the property to be offered for sale by private treaty, the agreement must state the price at which the property is to be offered. 4.5 Sales inspection report to form part of agreement The agreement must include a copy of any sales inspection report prepared by the agent and given to the principal under schedule 8, section 8.21 (Sales inspection report required for property).

Terms specific to a buyers agent agency agreements Schedule 5 Section 5.1 R23 13/09/24 Agents Regulation 2003 Effective: 13/09/24 page 19 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au