15 JUN 2016
The NSW Government is amending the regulations affecting the real estate industry, with changes to come into force on the 1st of August. The draft real estate regulation changes have been released and the consultation period has now closed. The full details are available here
, but so you can avoid sifting through the legislation, we've included a quick summary below.
- Real estate agents will have to maintain a record of inspection reports (including building and pest inspection and strata reports) on residential properties for sale
- Agents will then need to inform potential buyers about the available reports when they request a sale contract
- The record provided to the potential buyer must include: contact details for who compiled the report, who commissioned the report (be it a vendor, selling agent or another interested party), and whether the report is available to be re-purchased. Our CEO, Rhys, was featured on 7 News discussing the changes, which you can watch here.
Now you don't have to rely on the cheapest reports available if you don't trust them. You can simply make a purchase through BYB and now that you are likely to get cash back on an auction property (where our average re-sale is 2.5 times!).
Get in touch
if you have any questions. We would love to help you and your friends with their property purchase.