South Australian Numbered Acts

STATUTES AMENDMENT (REAL ESTATE REFORM REVIEW AND OTHER MATTERS) ACT 2013 (NO 17 OF 2013) - SECT 11

11—Substitution of section 11

Section 11—delete the section and substitute:

11—Agent or auctioneer to make statements available before auction

        (1)         If land or a small business is to be offered for sale by auction, the following provisions apply:

            (a)         if an agent is acting on behalf of the vendor in the sale, the agent must ensure that—

                  (i)         the vendor's statement is available for perusal by members of the public—

                        (A)         at the office of the agent or auctioneer for at least 3 consecutive business days immediately preceding the auction; and

                        (B)         at the place at which the auction is to be conducted for at least 30 minutes immediately before the auction commences; and

                  (ii)         all reasonable steps are taken to give prospective purchasers notice of the times and places at which the vendor's statement may be inspected before the auction;

            (b)         if no agent is acting on behalf of the vendor in the sale, the auctioneer must ensure that the vendor's statement is available for perusal by members of the public—

                  (i)         at the office of the auctioneer for at least 3 consecutive business days immediately preceding the auction; and

                  (ii)         at the place at which the auction is to be conducted for at least 30 minutes immediately before the auction commences.

        (2)         An agent will be taken to have complied with subsection (1)(a)(ii) in relation to a prospective purchaser if the agent or a sales representative employed by the agent—

            (a)         incorporates the notice with promotional material for the sale that the agent or sales representative delivers to the purchaser; or

            (b)         offers to deliver the notice, or promotional material for the sale incorporating the notice, to the purchaser but the purchaser refuses to take it; or

            (c)         publishes the notice in a prominent position—

                  (i)         in promotional material for the sale on the agent's website or in a newspaper circulating generally throughout the State or the area in which the land or business is situated; or

                  (ii)         on the signboard advertising the sale at the land or at the premises of the small business.