CLAMPING DOWN ON REAL ESTATE UNDERQUOTING – GREAT PROTECTION FOR HOMEBUYERS

Homebuyers across the Northern Rivers will have greater protection when purchasing a property, with strengthened laws set to clamp down on real estate underquoting passing NSW Parliament this week.

Nationals Member for Lismore, Thomas George MP said these reforms deliver on the NSW Government’s 2015 election commitment to crackdown on underquoting in real estate transactions.

“The NSW Government committed to overhauling the current laws to crackdown on the practice of real estate underquoting – and we have delivered,” Mr George said.

“Not only are homebuyers dealing with an increasingly competitive market but they often feel completely misled when it comes to the price of properties they are interested in buying, which is pushing their dream of home ownership further out of reach.”

Amendments to the Property Stock and Business Agents Act 2002 include:

In addition to the existing penalty of $22,000, agents found guilty of underquoting will be liable to forfeit any commission or fees from the sale

“There can be no doubt that introducing this legislation will stamp out bad practice within the real estate industry”.

The new laws take effect on 1 January 2016, with information sessions already underway. For more information visit: www.fairtrading.nsw.gov.au.

Lismore Contact Details:

Office: 55 Carrington Street  LISMORE
Postal: PO Box 52  LISMORE  NSW  2480
Telephone: 02 6621 3624
Facsimile: 02 6622 1403
Email: lismore@parliament.nsw.gov.au

Murwillumbah Contact Details:

Telephone: 02 6672 7577