REIQ Best Practice Guidelines v03.23 - Flipbook - Page 85
22. OTHER SPECIAL CONDITIONS
(a) Member C&I Agents must not provide any
advice to the Client or a prospective buyer
about the parties’ obligations and rights under
the special conditions the contract.
(b) Member C&I Agents should not hinder a
prospective buyer from obtaining information
about the property, Client or body corporate to
the extent that the buyer is entitled to such
information under the terms of the contract or
as reasonably expected to be provided under a
special condition.
23. NEGOTIATIONS DURING CONTRACT
(a) If either party tries to negotiate the terms of an
existing contract, Member C&I Agents should
refer the parties to their legal representatives
to formalise any negotiations.
(b) Member C&I Agents should not engage in
negotiations with the parties and must provide
a warning to parties that any agreements made
between themselves or via the Member C&I
Agent will not be binding unless they are
formalised by the parties in writing (refer to
Chapter 1, section 5).
Manager to issue any notice to a lessee of the
property as required under the terms of their
commercial lease.
25. CONTRACT BECOMING
UNCONDITIONAL
Once a contract becomes unconditional Member
C&I Agents should:
(a) provide a written notice to both parties;
(b) advise their Client to contact their bank to
advise of the unconditional contract and
arrange a discharge of mortgage for
settlement (if applicable); and
(c) issue or request the Property Manager to issue
any notice to a lessee of the property as
required under the terms of their commercial
lease.
26. SETTLEMENT
Member C&I Agents should keep informed of the
progress of settlement by making enquiries with
the Client and buyer’s Legal Practitioners. If there
is a matter which the Member C&I Agent may assist
to progress settlement or resolve an issue which
may delay settlement, the Member C&I Agent
should provide such assistance to the party’s Legal
Practitioners.
24. INSPECTIONS
Member C&I Agents should facilitate an inspection
if the buyer is contractually entitled to such
inspection, including issuing or requesting the
Property
Commercial agents acting
for ‘sophisticated owners’
may be exempt from the
Property Occupations Act
2014.
REIQ BEST PRACTICE GUIDELINES
V08.23
27. HANDOVER
Member C&I Agents must not:
(a) handover the keys or devices for the property
in its possession (if applicable);
(b) release the buyer’s deposit; or
(c) account for their commission;
until they have received a notice in writing from all
parties’ Legal Practitioner confirming that
settlement has been completed.
28. BODY CORPORATE
Member C&I Agents must ensure that a completed
Information for Body Corporate Roll (BCCM Form
8) is provided to the relevant body corporate by the
buyer’s Legal Practitioner.
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