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 property or introduces a buyer who later buys the property.
(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 property or introduces a buyer who later buys the property.
(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 property 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 property 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 property 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.
(1) If the agreement is for a fixed term that exceeds 90 days, the agreement must include a term that entitles the person on behalf of whom the agent is acting to terminate the agreement (without penalty) by giving 30 days' notice in writing to the agent at any time after the end of the first 90 days of the term.
(2) This clause does not apply to an agency agreement on the sale of residential property where the contract for sale provides for the construction by the seller of a dwelling on the land.
If the agreement provides for the property to be offered for sale by private treaty, the agreement must specify the price at which the property is to be offered.
The agreement must include a provision that states whether or not the agent provided the person on behalf of whom the agent is acting with a copy of the approved guide entitled Agency Agreements for the Sale of Residential Property (being the approved guide mentioned in section 56 of the Act) before the agreement was entered into and (if the guide was provided) specifies the date it was provided.
(1) The agency agreement must include the following statement--COOLING-OFF PERIOD: You (the vendor) have a cooling-off period for this agreement. If you do not wish to continue with this agreement you can cancel it until 5 pm on the next business day or Saturday.
(2) A statement that this clause requires an agency agreement to include must be included in the agreement in close proximity to the place where the person on behalf of whom the agent is acting signs the agreement and must be no less prominent than any other term of the agreement.
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.