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Identify Legal And Ethical Requirements Of Property Sales To Complete Agency Work

2366 words - 10 pages

Identify legal and ethical requirements of property sales to complete agency work

CPPDSM4008A

Assignment

Please read the “Guide to completing and submitting assignments” before you begin this assignment.

What you need to do

To successfully complete this assignment you must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment.

Your Task

This task is designed for you to demonstrate your understanding of legal and ethical ...view middle of the document...

1 |Andy has decided to sell his residential property in Turramurra. The property is burdened by both a right of way in favour | |
| |of the property next door and a drainage easement in favour of the water authority. There are no other encumbrances noted | |
| |on the title to the property. | |
| |Andy wishes to engage you as his selling agent. He wants you to advertise the property to see if there is any interest | |
| |before he incurs the expense of preparing a contract for sale. | |
| |What must you advise Andy he must do prior to promoting his property? | |
| |I have to let know Andy that he cannot have his house shown to anyone by the agent, unless there is a signed agency | |
| |agreement and a full contract for sale prepared beforehand. I have to advice Andy that he needs to include all documents | |
| |which are explaning that the property is burdened by both a right of way in favour of the property next door and a | |
| |drainage easement in favour of the water authority. | |
| | | |

|Q. 2 |Andy has taken your advice and you have now listed his property. In due course you receive the contract for sale from his | |
| |solicitor and are ready to commence marketing the property. List the prescribed documents you would expect to find an all | |
| |residential sales contracts and then list those additional documents that would be required for Andy’s property in order to| |
| |comply with Section 52A of the Conveyancing Act, 1919. | |
| |(Note: these documents are prescribed in the Conveyancing (Sale of Land) Regulation 2005). | |
| |The contract must contain a copy of the title documents, drainage diagram and the Zoning Certificate (s 149) issued by the | |
| |local council. Property exclusions must also be included and a statement of the buyer’s rights under the cooling-off period| |
| |must be attached. The draft contract must be available for inspection at the agent’s office. | |
| | | |

|Q. 3 |You have now...

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