Hi,

New Underquoting laws are effective today (1st May 2017) which will affect how you present the price/value of a property to both Sellers and Buyers.

Requirements in Respect of the Seller

Section 47AE of the Act now requires you to notify the seller in writing when your Estimate of Selling Price in the original sales agency authority ceases to be reasonable, why it ceases to be reasonable and propose to revise the estimate in the original authority, specifying what the amount of the revised estimate is.

We have added two new forms (Notice of Revision of Estimate of Selling Price and Comparable Properties Analysis) to assist you in revising your Estimate of Selling Price when required.

The Notice will help ensure your compliance with section 47AE of the Act and will act as an agreement with respect to revising the original authority. We have added a sub-clause in Agent's Opinion of the authorities to facilitate such agreement.

The Comparable Property Analysis form provides you with the ability to substantiate your revised estimate where necessary.

Requirements in Respect of Buyer's

There are strict guidelines in respect of how you may advertise the price of a property as well as the requirement to provide Statements of Information, in relation to substantiating the value of a property to prospective buyers (upon request).

A Statement of Information for a property must also be displayed at open houses, included with online advertising and updated when a property's value changes.

ADL will be providing web links, within ADLForms, to the new approved statements.

For more information about new Underquoting Laws Click Here

Forms affected are:

• AUVICREPS001 Exclusive Selling Agency Authority - Residential
• AUVICREPS002 Exclusive Auction Agency Authority - Residential
• AUVICREPS003 General Selling Agency Authority - Residential
• AUVICREPS011 Exclusive Selling Agency Authority - Residential (No Rebate Statement)

1. Updating ADLForms

ADLForms should have automatically updated to allow access to the new forms and the latest version of the software (9.4.4) 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 and/or program 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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