37Records of property reports to be kept by real estate agents

37 Records of property reports to be kept by real estate agents

37 Records of property reports to be kept by real estate agents

(1) A licensee acting on behalf of a person (the client) on the sale of a residential property must make a written record of all reports of which the licensee is aware in relation to—

(a) a building inspection of the property, or

(b) an inspection to detect whether or not the property is affected by termites or other pests, or

(c) an inspection of documents relating to the property under the Strata Schemes Management Act 2015, section 182, or

(d) a certificate as to financial matters under the Strata Schemes Management Act 2015, section 184, or

(e) an inspection of documents relating to the property under the Community Land Management Act 2021, Part 10, Division 2.

Maximum penalty—

(a) for a corporation—40 penalty units, or

(b) otherwise—20 penalty units.

(2) The licensee must disclose the records made under this section to a person requesting a copy of the contract for the sale of the residential property.

Maximum penalty—

(a) for a corporation—40 penalty units, or

(b) otherwise—20 penalty units.

(3) The record must contain the following particulars—

(a) the date on which the property or documents relating to the property were inspected for the purposes of the report,

(b) whether the person who requested the preparation of the report is the client, a prospective purchaser of the property or the licensee,

(c) the name, business address and telephone number of the person who prepared the report,

(d) whether the report is or is not available for repurchase by another person requesting a copy of the contract for the sale of the property,

(e) whether the person who prepared the report is insured under a policy of professional indemnity insurance.