sec.157Disclosures to prospective buyer

### sec.157 Disclosures to prospective buyer A residential property agent for the sale of residential property must disclose the following to any prospective buyer of the property— any relationship, and the nature of the relationship (whether personal or commercial), the agent has with an entity (a referred entity ) to whom the agent refers the buyer for professional services associated with the sale; a family relationship a business relationship, other than a casual business relationship a fiduciary relationship a relationship in which 1 person is accustomed, or obliged, to act under the directions, instructions, or wishes of the other whether the agent derives or expects to derive a benefit from a referred entity and, if so, the amount or value of the benefit; if the agent derives or expects to derive a benefit from a referred entity— for a referred entity who is an individual—the individual’s full name; or for a referred entity that has a registered business name—the registered business name; the amount, value or nature of a benefit an entity has received, receives, or expects to receive in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property; if an entity has received, receives, or expects to receive a benefit in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property— for an entity that is an individual—the individual’s full name; or for an entity that has a registered business name—the registered business name. accountant finance broker financial adviser financier property valuer residential property agent seller solicitor Maximum penalty—200 penalty units. However, subsection (1) (d) and (e) does not apply if— the entity is the residential property agent; and the benefit is the amount the entity received, receives or expects to receive by way of fee, charge or commission from the seller for the sale. The disclosure is effective for subsection (1) only if it is— given to the prospective buyer in the approved form before a contract of sale for the property is entered into; and acknowledged by the prospective buyer in writing on the approved form before a contract for the sale of the property is entered into. In this section— benefit means monetary or other benefit. residential property includes a proposed home that— is to be erected or constructed under a domestic building contract; and is being marketed in connection with marketing land. residential property agent means— a property agent; or a real estate salesperson acting for a real estate agent; or a person performing an activity in contravention of section 97 (1) ; or a person acting as a property agent in contravention of section 97 (2) ; or a person acting as a real estate salesperson in contravention of section 151 (1) . s 157 amd 2014 No. 46 s 65 (sec.157-ssec.1) A residential property agent for the sale of residential property must disclose the following to any prospective buyer of the property— any relationship, and the nature of the relationship (whether personal or commercial), the agent has with an entity (a referred entity ) to whom the agent refers the buyer for professional services associated with the sale; a family relationship a business relationship, other than a casual business relationship a fiduciary relationship a relationship in which 1 person is accustomed, or obliged, to act under the directions, instructions, or wishes of the other whether the agent derives or expects to derive a benefit from a referred entity and, if so, the amount or value of the benefit; if the agent derives or expects to derive a benefit from a referred entity— for a referred entity who is an individual—the individual’s full name; or for a referred entity that has a registered business name—the registered business name; the amount, value or nature of a benefit an entity has received, receives, or expects to receive in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property; if an entity has received, receives, or expects to receive a benefit in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property— for an entity that is an individual—the individual’s full name; or for an entity that has a registered business name—the registered business name. accountant finance broker financial adviser financier property valuer residential property agent seller solicitor Maximum penalty—200 penalty units. (sec.157-ssec.2) However, subsection (1) (d) and (e) does not apply if— the entity is the residential property agent; and the benefit is the amount the entity received, receives or expects to receive by way of fee, charge or commission from the seller for the sale. (sec.157-ssec.3) The disclosure is effective for subsection (1) only if it is— given to the prospective buyer in the approved form before a contract of sale for the property is entered into; and acknowledged by the prospective buyer in writing on the approved form before a contract for the sale of the property is entered into. (sec.157-ssec.4) In this section— benefit means monetary or other benefit. residential property includes a proposed home that— is to be erected or constructed under a domestic building contract; and is being marketed in connection with marketing land. residential property agent means— a property agent; or a real estate salesperson acting for a real estate agent; or a person performing an activity in contravention of section 97 (1) ; or a person acting as a property agent in contravention of section 97 (2) ; or a person acting as a real estate salesperson in contravention of section 151 (1) . - (a) any relationship, and the nature of the relationship (whether personal or commercial), the agent has with an entity (a referred entity ) to whom the agent refers the buyer for professional services associated with the sale; Examples of relationships for paragraph (a) — • a family relationship • a business relationship, other than a casual business relationship • a fiduciary relationship • a relationship in which 1 person is accustomed, or obliged, to act under the directions, instructions, or wishes of the other - • a family relationship - • a business relationship, other than a casual business relationship - • a fiduciary relationship - • a relationship in which 1 person is accustomed, or obliged, to act under the directions, instructions, or wishes of the other - (b) whether the agent derives or expects to derive a benefit from a referred entity and, if so, the amount or value of the benefit; - (c) if the agent derives or expects to derive a benefit from a referred entity— (i) for a referred entity who is an individual—the individual’s full name; or (ii) for a referred entity that has a registered business name—the registered business name; - (i) for a referred entity who is an individual—the individual’s full name; or - (ii) for a referred entity that has a registered business name—the registered business name; - (d) the amount, value or nature of a benefit an entity has received, receives, or expects to receive in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property; - (e) if an entity has received, receives, or expects to receive a benefit in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property— (i) for an entity that is an individual—the individual’s full name; or (ii) for an entity that has a registered business name—the registered business name. Examples for paragraphs (d) and (e) of entities who may receive a benefit— • accountant • finance broker • financial adviser • financier • property valuer • residential property agent • seller • solicitor - (i) for an entity that is an individual—the individual’s full name; or - (ii) for an entity that has a registered business name—the registered business name. - • accountant - • finance broker - • financial adviser - • financier - • property valuer - • residential property agent - • seller - • solicitor - • a family relationship - • a business relationship, other than a casual business relationship - • a fiduciary relationship - • a relationship in which 1 person is accustomed, or obliged, to act under the directions, instructions, or wishes of the other - (i) for a referred entity who is an individual—the individual’s full name; or - (ii) for a referred entity that has a registered business name—the registered business name; - (i) for an entity that is an individual—the individual’s full name; or - (ii) for an entity that has a registered business name—the registered business name. - • accountant - • finance broker - • financial adviser - • financier - • property valuer - • residential property agent - • seller - • solicitor - (a) the entity is the residential property agent; and - (b) the benefit is the amount the entity received, receives or expects to receive by way of fee, charge or commission from the seller for the sale. - (a) given to the prospective buyer in the approved form before a contract of sale for the property is entered into; and - (b) acknowledged by the prospective buyer in writing on the approved form before a contract for the sale of the property is entered into. - (a) is to be erected or constructed under a domestic building contract; and - (b) is being marketed in connection with marketing land. - (a) a property agent; or - (b) a real estate salesperson acting for a real estate agent; or - (c) a person performing an activity in contravention of section 97 (1) ; or - (d) a person acting as a property agent in contravention of section 97 (2) ; or - (e) a person acting as a real estate salesperson in contravention of section 151 (1) .