New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 63

63 Proposed contract for sale of residential property

(1) In this section--

"purchaser" includes a grantee of an option.

(2) A real estate agent must not offer residential property for sale unless the required documents are all available for inspection at the real estate agent's registered office by a prospective purchaser or agent for a prospective purchaser at all times at which an offer to purchase the property may be made (or at such other place or at such other times as may be prescribed by the regulations).

(3) A real estate agent is considered to offer residential property for sale when the agent, expressly or by implication--

(a) indicates that residential property is for sale or is to be auctioned at any future time, or

(b) offers to sell residential property, or

(c) invites an offer to purchase residential property, or

(d) indicates that a person may be willing to grant an option to purchase residential property.

(4) The
"required documents" for the purposes of this section are--

(a) a copy of the proposed contract for the sale of the property (excluding particulars of the purchaser and purchase price), and

(b) the documents required by section 52A of the Conveyancing Act 1919 to be attached to the contract before signature by the purchaser, and

(c) in the case of an option to purchase residential property--a copy of the proposed option document (excluding particulars of the purchaser and consideration for the option).

(5) Without limiting this section, a real estate agent is taken to indicate that residential property is for sale if the real estate agent does any of the following or causes or permits any of the following to be done--

(a) advertises or promotes the property in any way that, in the circumstances, may reasonably be taken to indicate that the property is or may be for sale,

(b) places a sign on or near the property that, in the circumstances, may reasonably be taken to indicate that the property is or may be for sale,

(c) advertises or in any way gives notice that the property is to be auctioned at any future time,

(d) places on display particulars or a description of, or a photograph, drawing or other representation of, the property in or on any premises, vehicle or place where the real estate agent conducts business as a real estate agent,

(e) shows the property to a prospective purchaser or gives the address of the property to a prospective purchaser.

(6) This section does not apply to anything done by a real estate agent when acting on behalf of a prospective purchaser of residential property.

(7) The regulations may create exceptions to this section.

: Maximum penalty--100 penalty units.