Hi !FirstName,

ADL released updated Residential Agency Agreements (and a new Notice) on the 1st January 2016 as a result of amendments to the Property, Stock and Business Agents Act 2002 in respect of Underquoting Prohibitions.

What You Need to Know

Agent's Opinion of Selling Price:

• Item 5 of the Item Schedule has been changed to accommodate either a single value or a range of values for Estimated Selling Price to help ensure compliance with legislation.
• You must provide evidence to the Vendor substantiating your Estimate of Selling Price (s72A(5)).
• To help ensure compliance with s72A(5) of the Act, Item K of the Item Schedule has been added to allow you to indicate the type of evidence you have provided to the Vendor with the wording, 'By signing below the Vendor acknowledges having received the following evidence of the reasonableness of the estimated selling price (Item 5.2(1))'.

Listing Price:

Even though the Regulations no longer require the Listing Price to form part of the Agency Agreement, we have retained the item (5.1) of a non-auction agency agreement with a new title, 'Vendor's Listing Price' and added a definition as follows:

Vendor's Listing Price (Item(5.1)): means the price at which the Vendor has instructed the Agent to list the Property having taken into account the Agents advice as to Estimated Selling Price.

This will help ensure that there are no disputes in respect of Listing Price after the fact.

Note: 'Reserve Price' (Item B(1) on the Sales Inspection Report and Exclusive Auction Agency Agreement (Residential)) has also been retained in Auction Agency Agreements.

Revision of Estimated Selling Price:

• Section 72A(4) of the Act requires that if the estimated selling price is revised during the period of an agency agreement, it is a requirement to:

  1. notify the other party to the agency agreement, in writing, of the revised estimated selling price, and
  2. amend the agency agreement.
• To satisfy S72A(4)(a) we have provided a new form (Notice of Revision of Estimated Selling Price) which is to be used when it becomes necessary to change your Estimated Selling Price and notify the Vendor.
• To satisfy S72A(4)(b) we have added the following clause (10.3) to the Agency Agreement:

The Parties agree this Agreement will be amended in respect to Item 5.2(1) by the Agent notifying the Vendor in accordance with section 72A(4) of the Act of a Revised Estimated Selling Price.

Note: All Item and Clause references above apply to the ADL 'Sales Inspection Report and Exclusive Selling Agency Agreement (Residential)' (see link below) and may vary slightly in respect to other ADL Sales Agency Agreements.

Please click the links below to view the following forms:

Sales Inspection Report and Exclusive Selling Agency Agreement (Residential)

Notice of Revision of Estimated Selling Price

For further information please click the following link:

Fair Trading - Underquoting Reforms

ADL Forms changes are as follows:

UPDATED FORMS

• AUNSWREPS001 Auction Exclusive Agency Agreement (Residential)
• AUNSWREPS002 Exclusive Selling Agency Agreement (Residential)
• AUNSWREPS003 Sole Selling Agency Agreement (Residential)
• AUNSWREPS004 Open Selling Agency Agreement (Residential)

NEW FORMS

• AUNSWREPS037 Notice of Revision of Estimated Selling Price

1. Updating ADLForms

ADLForms should have automatically updated to the new forms and the latest version of the software (v9.3.4) when you first opened ADLForms today. If this has not occurred then:

1. Click the 'Update' button from the main menu of the program. Please allow a few minutes for the forms to download and install.
2. If this fails to update your forms then:
   • Select Tools -> 'Re-initialise ADLForms’ from within the Main Menu of the ADLForms program. This will close the program.
   • Restart ADLForms and click the 'Update' button.
3. If you still do not have the updated forms click here to download and re-install ADLForms.
4. If all the above do not result in a successful forms and program update please contact our tech support team for assistance.

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