REIQ Best Practice Guidelines v03.23 - Flipbook - Page 65
14. NEGOTIATIONS
(a) Member Buyer’s Agents should only engage in
negotiations to the extent that they are
authorised by the Client.
(b) If a Member Buyer’s Agent engages in
negotiations on behalf of a Client, they should:
i.
ii.
iii.
communicate the negotiations with
the Client to the extent the Client has
instructed them;
act promptly to take instructions from
the Client and provide responses to
the Sales Agent or property owner; and
not
make
any
statement
or
representation that is inconsistent with
the Client’s instructions.
(c) If a Client instructs a Member Buyer’s Agent to
engage in negotiations after a contract has
been entered into, the Member Buyer’s Agent
should direct the Client to seek legal
advice about the implications of such
negotiations and formalising any amendment
to the Contract so that it is valid and legally
binding.
15. CONTRACT FOR SALE
(a) Any information about a Client provided by a
Member Buyer’s Agent for the preparation of a
contract for sale must be true and accurate.
Note: A person may reasonably rely on
information provided by a Member Buyer’s
Agent.
(b) If a Sales Agent or property owner’s Legal
Practitioner provides a draft contract of sale to
a Member Buyer’s Agent to review prior to the
Client’s execution, the Member Buyer’s Agent
should:
i.
ii.
use reasonable care to check the
particulars of the contract have been
entered correctly; and
provide a copy to the Client’s Legal
Practitioner if the Client requires legal
advice prior to signing the contract for
Sale.
16. BODY CORPORATE DISCLOSURE
(a) If the property is a lot in a Community Titles
Scheme, the Member Buyer’s Agent should
ensure a s206 disclosure statement signed by
the seller, or their agent, has been provided
with the draft contract for sale from the Sales
Agent.
(b) Members Buyer’s Agents should direct
their Client to obtain legal advice about
the disclosure statement including whether it is
substantially complete and what financial or
legal implications may be incurred on the
Client if they proceed with the contract for sale.
17. AUCTIONS
(a) Members Buyer’s Agents may be authorised by
the Client to attend an auction for the sale of a
property and register as a bidder on behalf of
the Client.
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(b) Members Buyer’s Agents must obtain a Letter
of Authority from the Client prior to registering
as a bidder to authorise the Member Buyer’s
Agent to bid on behalf of the Client at the
auction.
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