Buying and selling real estate in Beverley Park and other parts of New South Wales is soon to become much safer, as new underquoting legislation takes effect across the state.
The laws, which will be introduced on 1 January 2016, are designed to make sure people are getting properties for a fair price. Agents who fall foul of the laws will face a fine of up to $22,000, as well as lose out on any commission they’ve earned from the sale.
The Real Estate Institute of New South Wales (REINSW) urged consumers and agents to make sure they fully understand the laws, which mean agents need to be clearer in how they value property.
“A real estate professional can do this by providing examples of recent sales in the area and showing how the property compares,” said REINSW president John Cunningham.
“They must show the estimated selling price as a range with an upper limit of no more than ten per cent of the bottom figure in the range or as a single price.”
If you’re selling property in Beverley Park, you’ll notice that phrases such as “offers over” are no longer used to advertise your home. Instead, the asking price will need to accurately reflect current market conditions.
The new laws also mean you can tell your agent not to reveal the estimated selling price of your home to anyone who might be interested in buying it.
Fair Trading NSW stressed that people should have access to an ethical and professional service when entering the property market, which is something these reforms aim to address.
Ray White Carlton has been in the industry for many years, during which time we’ve forged ourselves a strong reputation. If you want a reliable and expert service, be sure to get in touch with our team.