State relaxes regulations, cuts red tape

Staff Reporter

Seventeen amendments to sales regulations, which will streamline real estate businesses, have been accepted and passed by the South Australian government.

The Real Estate Institute of South Australia (REISA) put forward the submission to the government in June asking for 17 changes to cut red tape and make life easier for agents working at the coalface.

“Every one – yes every one – of our proposals was accepted by the government,” the REISA’s announcement read.

“It is a complete triumph for REISA and acknowledgement of our position as the voice of real estate in South Australia.”

After the regulations were gazetted last Thursday, REISA has unveiled their top 10 triumphs after months of lobbying the state government.

  1. A vast majority of small business vendors no longer have to seek information relating to the Livestock Act
  2. Agents can backcapture their sales agency agreements and notices of offer electronically and get rid of the originals
  3. The notice to purchasers in the offer forms has been rewritten to assist purchasers to understand their cooling-off obligations
  4. Agents no longer have to hand out or read out the collusive practices warning – just simply have it on display
  5. If an associate is gaining a s24G beneficial interest, they pay for the formal valuation, not the agent
  6. The collusive practices warning has been rewritten to assist our rural members
  7. The financial and investment advice warning can be given verbally
  8. Agents can email a vast majority of real estate documents
  9. Sales agency agreements can be in 10 point type
  10. Agents can email the Form 1 vendor’s statement

“We importantly, however, made sure there were enough consumer protections built into each proposal so that everyone came out a winner,” the REISA said.

Staff Reporter

Seventeen amendments to sales regulations, which will streamline real estate businesses, have been accepted and passed by the South Australian government.

The Real Estate Institute of South Australia (REISA) put forward the submission to the government in June asking for 17 changes to cut red tape and make life easier for agents working at the coalface.

“Every one – yes every one – of our proposals was accepted by the government,” the REISA’s announcement read.

“It is a complete triumph for REISA and acknowledgement of our position as the voice of real estate in South Australia.”

After the regulations were gazetted last Thursday, REISA has unveiled their top 10 triumphs after months of lobbying the state government.

  1. A vast majority of small business vendors no longer have to seek information relating to the Livestock Act
  2. Agents can backcapture their sales agency agreements and notices of offer electronically and get rid of the originals
  3. The notice to purchasers in the offer forms has been rewritten to assist purchasers to understand their cooling-off obligations
  4. Agents no longer have to hand out or read out the collusive practices warning – just simply have it on display
  5. If an associate is gaining a s24G beneficial interest, they pay for the formal valuation, not the agent
  6. The collusive practices warning has been rewritten to assist our rural members
  7. The financial and investment advice warning can be given verbally
  8. Agents can email a vast majority of real estate documents
  9. Sales agency agreements can be in 10 point type
  10. Agents can email the Form 1 vendor’s statement

“We importantly, however, made sure there were enough consumer protections built into each proposal so that everyone came out a winner,” the REISA said.

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