Confused about the new underquoting laws?

2016 has seen some significant changes made to the way in which real estate in NSW is bought and sold for both residential and commercial property. The aim of the new underquotting legislation changes is to stop corrupt agencies from benefiting financially.

Confused about the new underquoting laws?
Confused About the New Underquoting Laws?

Effects on Sellers?

If you are wanting to sell your property, then your selected real estate agent won’t be able to underestimate the value of your property. Instead they must list their projected selling price in an agency agreement, which is a contract between you and the agent.

A single price or price range can be listed, however if a price range is used then the difference between the highest and lowest price cannot exceed 10%.

It is also important to note that if the estimate is altered at any point during the campaign, the agent must let you know and amend the agency agreement.

Effects on Buyers?

Buyers are also effected by the new laws with agents required to be ‘crystal clear’ in their price guides. Real Estate online and print advertising will no longer display ‘offers above’ or similar phrases.

Buyers are able to ask the agent for an explanation of their estimated selling price as well as an indication of what the sellers expectations for the property are. However there will still be some cases where the vendor has instructed the agent not to publicise this information and in this instance you will need to carry out your own research.

Why MMJ?

Buying and Selling in the Illawarra doesn’t have to be difficult with a local agent that has a proven track record. MMJ has 5 Illawarra offices in Dapto, Corrimal, Windang, Shellharbour City and Wollongong with expert agents and a solid reputation across the industry. Visit us at mmj.com.au to contact your local office.