Cooling-off right mechanics (s 5). The purchaser may rescind by written notice before the prescribed time. Notice may be given personally, by registered post (effective when posted), by fax or email (effective when transmitted), or by leaving notice at the agent's address. On rescission: the vendor must return all money paid, subject to retaining option consideration and a deposit of no more than $100 (or the regulation amount) for land sales, or 10% of total consideration for small business sales.
Prohibition on demanding excess payments (s 5(5)). A vendor or stakeholder must not demand or require a purchaser to pay money in respect of a sale before the prescribed time, other than option consideration and the permitted deposit. Contravention is an offence. A presumption operates that receipt of money = demand, absent proof to the contrary.
Vendor's statement for land (s 7). The vendor must serve a statement at least 10 clear days before settlement disclosing: the purchaser's cooling-off rights; particulars of all mortgages, charges and prescribed encumbrances; if the vendor acquired a relevant interest within the preceding 12 months, all transactions in that period; and other prescribed matters. This section applies only to fee simple or Crown leasehold interests and not to business sale contracts.
Vendor's statement for small businesses (s 8). A vendor of a small business must serve a statement with prescribed financial and business particulars at least 10 clear days before settlement.
Agent obligations (Part 4). Agents must: have written authority before acting (s 20); give required notices about buyer offers for residential land (s 21); ensure persons signing documents receive copies (s 22); not retain commissions where a contract is avoided (s 23); not lodge caveats for sums owed by clients (s 24); not make false representations about likely selling price (s 24A); not act for both purchaser and vendor without specific authorisation (s 24F).
Auction obligations (Part 4A). Auctioneers must: use standard conditions for residential land auctions (s 24I); complete preliminary records and maintain bidders registers (s 24J); admit only registered bidders (s 24K); not permit collusive practices (s 24L); not disrupt auctions (s 24M); not permit dummy bidding (s 24N); identify vendor bids (s 24O); and identify the last vendor bid if property is passed in (s 24P).
Conveyancing restrictions (Part 5). Only legal practitioners and registered conveyancers may prepare conveyancing instruments for fee or reward (s 27). Agents may prepare instruments in limited circumstances (s 28). Referral fees for conveyancing business are restricted (s 29).