sec.116Letting agent’s obligations for letting agent lot

sec.116 Letting agent’s obligations for letting agent lot

This section applies to a person who becomes a letting agent for a community titles scheme after the commencement of this section. If the letting agent business is conducted from a lot, other than lessee common property, included in the scheme, at all times, either— the letting agent must be the registered owner or lessee of the lot; or a deed must be in place between the body corporate and the person (the lot holder ) who is the registered owner or lessee of the lot, under which the lot holder agrees to transfer the lot holder’s interest in the lot, in accordance with the arrangements provided for in the deed, if the letting agent is required to transfer the letting agent’s management rights under division 8 . The rights and obligations of the body corporate and the lot holder under the deed must correspond as far as practicable with the rights and obligations the body corporate and the letting agent would have under division 8 were the letting agent the registered owner or lessee of the lot. The arrangements provided for in the deed may include— arrangements for ensuring, to the greatest practicable extent, that the transfer of the lot holder’s interest in the lot happens at the same time as the transfer of the letting agent’s management rights under division 8 ; and authority, whether or not supported by a power of attorney, for the body corporate to act in the place of the lot holder if the lot holder does not comply with the lot holder’s obligations under the deed for the transfer of the lot holder’s interest in the lot. If the lot holder does not enter into the deed mentioned in subsection (2) (b) , the letting agent’s authorisation as letting agent has no effect. s 116 ins 2003 No. 6 s 42 (sec.116-ssec.1) This section applies to a person who becomes a letting agent for a community titles scheme after the commencement of this section. (sec.116-ssec.2) If the letting agent business is conducted from a lot, other than lessee common property, included in the scheme, at all times, either— the letting agent must be the registered owner or lessee of the lot; or a deed must be in place between the body corporate and the person (the lot holder ) who is the registered owner or lessee of the lot, under which the lot holder agrees to transfer the lot holder’s interest in the lot, in accordance with the arrangements provided for in the deed, if the letting agent is required to transfer the letting agent’s management rights under division 8 . (sec.116-ssec.3) The rights and obligations of the body corporate and the lot holder under the deed must correspond as far as practicable with the rights and obligations the body corporate and the letting agent would have under division 8 were the letting agent the registered owner or lessee of the lot. (sec.116-ssec.4) The arrangements provided for in the deed may include— arrangements for ensuring, to the greatest practicable extent, that the transfer of the lot holder’s interest in the lot happens at the same time as the transfer of the letting agent’s management rights under division 8 ; and authority, whether or not supported by a power of attorney, for the body corporate to act in the place of the lot holder if the lot holder does not comply with the lot holder’s obligations under the deed for the transfer of the lot holder’s interest in the lot. (sec.116-ssec.5) If the lot holder does not enter into the deed mentioned in subsection (2) (b) , the letting agent’s authorisation as letting agent has no effect.