New South Wales Consolidated Regulations New South Wales Consolidated Regulations(Clause 8)
(1) If the agency agreement is an exclusive agency agreement the agreement must include the following statement--IMPORTANT: This is an exclusive agency agreement. This means you may have to pay the agent commission even if another agent (or you) sells the business or introduces a buyer who later buys the business.
(2) If the agency agreement is a sole agency agreement the agreement must include the following statement--IMPORTANT: This is a sole agency agreement. This means you may have to pay the agent commission even if another agent sells the business or introduces a buyer who later buys the business.
(3) An agency agreement is an
"exclusive agency agreement" if the agreement provides for the agent to be entitled to commission on the happening of an event whether or not the agent is the effective cause of the happening of the event and whether or not the client is the effective cause of the happening of the event.
(4) An agency agreement is a
"sole agency agreement" if the agreement provides for the agent to be entitled to commission on the happening of an event (whether or not the agent is the effective cause of the happening of the event) unless the client is the effective cause of the happening of the event.
(5) A statement that an agency agreement is required by this clause to include must be included in the agreement immediately following the term required by clause 9 (Remuneration) of Schedule 7 and must be no less prominent than that term.
(1) The agency agreement must include the following statement--WARNING: Have you signed an agency agreement for the sale of this business with another agent? If you have you may have to pay 2 commissions (if this agreement or the other agreement you have signed is a sole or exclusive agency agreement).
(2) A statement that an agency agreement is required by this clause to include must be included in the agreement immediately following the term required by clause 9 (Remuneration) of Schedule 7 or immediately following the statement required by clause 1 of this Schedule, and must be no less prominent than that term or statement.
(1) On and from 1 March 2015, if the agency agreement includes a term that a commission is payable even if the sale of the business is not completed, the agency agreement must include the following statement--WARNING: The term immediately above provides that a commission is payable under this agreement even if the sale of the business is not completed.
(2) The statement must be included in the agreement immediately following the term and must be no less prominent than that term.
The agreement must include any written confirmation prepared for the purposes of clause 3A of Schedule 2 of any specific instructions given to the agent by the person on behalf of whom the agent is acting before the agreement is entered into about arrangements for the transfer to the purchaser of any liability for the leasing or hire purchase of goodwill, plant, fittings or stock in inventory included in the sale.
The agreement must include any written confirmation prepared for the purposes of clause 3A of Schedule 2 of any specific instructions given to the agent by the person on behalf of whom the agent is acting before the agreement is entered into about any of the following--
(a) the marketing of the business,
(b) the entitlement of prospective purchasers to inspect the premises of the business and the circumstances under which such an inspection can be made,
(c) the entitlement of prospective purchasers to inspect records, books of account and other documents concerning the business and the circumstances under which such an inspection can be made.
The agreement must include a copy of any sales inspection report prepared by the agent and given to the person on behalf of whom the agent is acting under clause 2 of Schedule 2.