REIQ Best Practice Guidelines v03.23 - Flipbook - Page 66
(c) Prior to the auction, Members Buyer’s Agents
should:
i.
provide general information to the
Client about what an auction is and
how it will be conducted;
ii.
obtain a signed copy of the Conditions
of Sale of the Property by Auction from
the Auctioneer and provide a copy to
the Client; and
iii.
obtain a signed Buyer Instruction Form
with specific instructions about the
property that is going to auction and
authorisation to sign any document or
contract on behalf of the Client.
18. CONFLICT OF INTEREST
(a) If a Member Buyer’s Agent has more than one
Client with instructions that compete for a
particular property, the Member Buyer’s Agent
must not breach their fiduciary obligation or
prejudice the rights of one Client in favour of
the other Client.
19. ENTITLEMENT TO COMMISSION
(d) An authority given by a Client should include
an acknowledgement from the Client:
i.
of the unconditional nature of the
auction;
ii.
that if they are the successful bidder,
they must enter a contract of sale and
will likely be required to pay the
deposit immediately after the auction;
iii.
if GST is applicable to the price and
whether the price stated is GST
inclusive or exclusive;
iv.
that there is no cooling-off period for
the contract of sale; and
v.
that the contract of sale will not be
conditional on finance approval or a
building and pest inspection.
REIQ BEST PRACTICE GUIDELINES
V08.23
(a) Member Buyer’s Agents are entitled to their
commission and fees as stated in the PO Form
6, if their services are provided under the
appointment.
(b) If a Client disputes a Member Buyer’s Agents
entitlement to their commission, the Member
Buyer’s Agent should send a demand notice to
the Client stating what amount of commission
the Member Buyer’s Agent is entitled to and
confirming the grounds under which the
Member Buyer’s Agent is entitled to the
commission (as set out in the PO Form 6).
Member Buyer’s Agents should give the Client
reasonable time to provide their response.
(c) If the Member Buyer’s Agent does not receive
a response from the Client by a stated time or
if the Client does not provide a valid reason for
their dispute in the Member Buyer’s Agents
opinion acting reasonably, the Member Buyer’s
Agent may take further steps to recover their
commission.
(d) If there is a dispute as to whether the Member
Buyer’s Agent is entitled to their commission or
fee, the Member Buyer’s Agent should contact
the REIQ for practice advice or obtain
independent legal advice.
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