Sch 6Terms specific to agency

Schedule 6 Terms specific to agency agreements for sale of rural land (see s 15) 6.1 Exclusive agency and sole agency agreements (1) If the agency agreement is an exclusive agency agreement the agreement must include the following statement: IMPORTANT: This is an exclusive agency agreement. This means you may have to pay the agent commission even if another agent (or you) sells the property or introduces a buyer who later buys the property. (2) If the agency agreement is a sole agency agreement the agreement must include the following statement: IMPORTANT: This is a sole agency agreement. This means you may have to pay the agent commission even if another agent sells the property or introduces a buyer who later buys the property. (3) An agency agreement is an exclusive agency agreement if the agreement provides for the agent to be entitled to commission on the happening of an event whether or not the agent or the client, or both, is or are the effective cause of the happening of the event. (4) An agency agreement is a sole agency agreement if the agreement provides for the agent to be entitled to commission on the happening of an event (whether or not the agent is the effective cause of the happening of the event) unless the client is the effective cause of the happening of the event. (5) The statement under subsection (1) or (2) must follow immediately after the term required by schedule 3, section 3.9 (Remuneration) and be no less prominent than that term.

Terms specific to agency agreements for sale of rural land Schedule 6 Section 6.2 R23 13/09/24 Agents Regulation 2003 Effective: 13/09/24 page 21 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 6.2 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. 6.3 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. 6.4 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).

Schedule 7 Terms specific to agency agreements for sale of business Section 7.1 page 22 Agents Regulation 2003 Effective: 13/09/24 R23 13/09/24 Authorised by the ACT Parliamentary Counsel—also accessible at Schedule 7 Terms specific to agency agreements for sale of business (see s 15) 7.1 Meaning of business in sch 7 In this schedule: business includes professional practice. 7.2 Exclusive agency and sole agency agreements (1) If the agency agreement is an exclusive agency agreement the agreement must include the following statement: IMPORTANT: This is an exclusive agency agreement. This means you may have to pay the agent commission even if another agent (or you) sells the business or introduces a buyer who later buys the business. (2) If the agency agreement is a sole agency agreement the agreement must include the following statement: IMPORTANT: This is a sole agency agreement. This means you may have to pay the agent commission even if another agent sells the business or introduces a buyer who later buys the business. (3) An agency agreement is an exclusive agency agreement if the agreement provides for the agent to be entitled to commission on the happening of an event whether or not the agent or the client, or both, is or are the effective cause of the happening of the event.