REIQ Best Practice Guidelines v03.23 - Flipbook - Page 80
iv.
if the buyer requires any special
conditions to be included; and
v.
the proposed settlement date.
10. INSPECTIONS
Member C&I Agents should:
(a) conduct open inspections for the property at a
time, day and frequency approved by the Client
(and lessee if applicable);
(b) request permission for a private inspection by
giving the Client (and lessee) as much notice as
practicable; and
(c) only allow prospective buyers to take
photographs or videos of the property with the
permission of the Client (and lessee).
11. DEALING WITH PROSPECTIVE BUYERS
(a) Member C&I Agents must act professionally, in
good faith and honestly when dealing with
prospective buyers and discussing a property
for sale.
(b) Member C&I Agents should not use excessive
sales tactics or apply such pressure to a
prospective buyer that the prospective buyer
makes a decision under duress to either:
i.
ii.
enter a contract for sale on the basis of
a representation made by the Member
C & I Agent that any matter concerning
the prospective buyer may be resolved
after the contract is entered; or
waive the benefit of a condition under
a contract.
12. EXPRESSION OF INTERESTS
(a) A genuine expression of interest should
include the following information:
i.
the offered purchase price;
ii.
the deposit amount;
iii.
if the buyer requires the contract to be
conditional on finance or a building
and pest inspection;
REIQ BEST PRACTICE GUIDELINES
V08.23
(b) Member C&I Agents may in their discretion
choose not to provide an expression of interest
to their Client if it does not meet the criteria of
a genuine expression of interest. It is
recommended that the Member C&I Agent
document the reasons supporting their
decision and that a copy be provided to the
Client, if requested.
13. ACKNOWLEDGEMENT OF
MULTIPLE OFFERS
(a) To protect Member C&I Agents from any claim
of unprofessional conduct or breach of their
fiduciary duty to the Client, if a Member C&I
Agent receives multiple offers for a property
for sale, the Member C&I Agent should:
i.
notify each prospective buyer that
multiple offers are being made for the
same property;
ii.
advise each prospective buyer that
they have until a stated time and date
to make their best offer for their
Client’s consideration;
iii.
obtain a signed Multiple Offer notice
from each prospective buyer;
iv.
present all genuine offers to the Client
for the Client’s consideration at the
stated time and date.
(b) Member C&I Agents must not engage in
conduct that is deceptive and misleading such
as making representations to one prospective
buyer that induces them to increase their offer
on the basis of another offer that has been
made.
Commercial & Industrial Forms
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