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REISA Pleads Its Case

18 Jul 13

REISA today provided its submission to the Government on the Land and Business (Sale and Conveyancing) Regulations 2010.

The document contains 24 proposals and REISA will be meeting with the Minister in the next fortnight to discuss its recommendations.

Thank you to those Members who approached REISA staff at the training sessions and gave them some feedback about current industry practices.  Several of your ideas have been included.

In short, the top 5 issues that the submission calls for are as follows:

  • Allowing Form 1s to be delivered by email.  Real estate agents should be able to utilise modern means of technology, provided that consumer protection is still maintained.  Allowing the purchaser to cool-off by email but not allowing an agent to deliver the Form 1 by email is just illogical.
  • Reducing the size of sales agency agreements.  A sales agency agreement should be able to be completed in the universally accepted 10 point font commonly used for consumer agreements.
  • Removing the requirement for an agent or sales representative to pay for a valuation.  If the property is sold to an associate, the associate should pay for the valuation.
  • Abolishing the 24 hour requirement of electronic copies.  Agents should not have any time restriction of making electronic copies.  Agents should also be able to back capture archived hard copies onto electronic media for the purpose of reducing storage space and costs.
  • Streamlining the requirement to give financial and investment advice.  Agents should not be required to deliver the warning in writing.  If advice is given verbally, an agent should simply be able to refer the consumer to the CBS website which has the required warning.

In addition, REISA has requested that it work closely with CBS on changes to the Forms (particularly the Form R1), copies of current CBS publications that need amending and the education campaign for members of the real estate industry and consumers.

REISA will keep you updated with all future developments as consultation with the Government (and negotiations!) proceed.