Identify legal and ethical requirements of property sales to complete agency work
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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. | |
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|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. | |
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|Q. 3 |You have now...