Estate Agents (Retirement Villages) Regulations 2006

i Estate Agents (Retirement Villages) Regulations 2006 S.R. No. 100/2006 TABLE OF PROVISIONS Regulation Page 1. Objectives 1 2. Authorising provision 1 3. Commencement 1 4. Definitions 2 5. Information to vendors of premises in retirement villages 2 6. Advertisements for sale of premises in retirement villages 3 ═══════════════ -- 1 of 4 -- 1 STATUTORY RULES 2006 S.R. No. 100/2006 Estate Agents Act 1980 Estate Agents (Retirement Villages) Regulations 2006 The Governor in Council makes the following Regulations: Dated: 1 August 2006 Responsible Minister: MARSHA THOMSON Minister for Consumer Affairs RUTH LEACH Clerk of the Executive Council 1. Objectives The objectives of these Regulations are to require an estate agent engaged to sell premises on behalf of an owner resident of a retirement village to— (a) provide prescribed information to the owner resident; and (b) include a prescribed statement in any advertisement for the sale of the premises. 2. Authorising provision These Regulations are made under section 99 of the Estate Agents Act 1980. 3. Commencement These Regulations come into operation on 1 August 2006. -- 2 of 4 -- S.R. No. 100/2006 Estate Agents (Retirement Villages) Regulations 2006 2 4. Definitions In these Regulations— "owner resident" has the same meaning as in the Retirement Villages Act 1986; "premises", in relation to an owner resident, has the same meaning it has in the definition of "owner resident" in the Retirement Villages Act 1986; "retirement village" has the same meaning as in the Retirement Villages Act 1986. 5. Information to vendors of premises in retirement villages (1) This regulation applies if— (a) an estate agent agrees to enter into an engagement or appointment with an owner resident to sell the owner resident's premises in a retirement village; and (b) the engagement or appointment allows the estate agent to charge a commission for selling the owner resident's premises even if the sale is not completed because the prospective purchaser did not enter into a contract for services with the manager of the retirement village. (2) Before obtaining the signature of the owner resident to the engagement or appointment, the estate agent must— (a) inform the owner resident in writing that the engagement or appointment provides for commission to be payable to the estate agent even if a sale of the premises cannot be completed because the purchaser does not enter into a contract for services with the manager of the retirement village, including a reference to the clause or clauses of the r. 4 -- 3 of 4 -- S.R. No. 100/2006 Estate Agents (Retirement Villages) Regulations 2006 3 engagement or appointment in which the commission arrangements are set out; and (b) obtain the owner resident's dated signature on the page on which the information referred to in paragraph (a) is given. Penalty: 20 penalty units. 6. Advertisements for sale of premises in retirement villages (1) An estate agent who holds a written engagement or appointment to sell premises in a retirement village must include the following statement in every advertisement in respect of the premises that is published, or caused to be published— "Buyer must also enter into separate contract with retirement village.". Penalty: 20 penalty units. (2) An estate agent to whom sub-regulation (1) applies must ensure that the statement is printed or typed— (a) in plain text in point type no smaller than the smallest point type otherwise appearing in the advertisement; and (b) in a form that is easily legible. Penalty: 20 penalty units. ═══════════════ r. 6 -- 4 of 4 --