Victorians are being invited to have their say on laws regulating estate agents and conveyancers.
Consumer Affairs Victoria today released an options paper outlining potential changes to improve and modernise the Estate Agents Act 1980 and Conveyancers Act 2006.
“It’s paramount for consumers to have confidence in the professionals handling, what will be for many, the most significant transaction of their lives,” Consumer Affairs Victoria director Simon Cohen said.
“Options have been developed with the aim of improving confidence about industry standards, and ensuring that the laws governing both estate agents and conveyancers reflect the contemporary real estate environment.”
The options paper was shaped by submissions to a wide-ranging issues paper, which was available for consultation in 2016.
Some of the options on which stakeholders’ views are sought involve:
- improving training and work experience standards for applicants for estate agents’ and conveyancers’ licences
- requiring agents’ representatives to complete additional training
- strengthening licence ineligibility and disqualification criteria, and the process for applying for ‘permission’ to hold a licence
- introducing continuing professional development requirements for estate agents and conveyancers
- introducing new rules for estate agents who manage properties, to target common areas of complaint about estate agent conduct
- introducing a ‘cooling-off’ period for sellers of residential property who enter sales authorities with estate agents
- prohibiting conveyancers from paying commissions for client referrals
- prohibiting estate agents from accepting large cash deposits for property sales.
This is the third and final options paper of the Consumer Property Law Review and follows options papers addressing the Owners Corporations Act 2006 and the Sale of Land Act 1962.
To view the Estate Agents Act and Conveyancers Act options paper, and to make a submission, view the Options paper 3: Estate agents and conveyancers.
Submissions close on 16 May 2017.