Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Peak body’s quest for clarity continues

02 February 2015 Staff Reporter

An industry body is continuing to push for clarification regarding changes to a tenancy law that is causing the industry “concern and confusion”.

An industry body is continuing to push for clarification regarding changes to a tenancy law that is causing the industry “concern and confusion”.

After recently calling on the government to clarify the law change, the Real Estate Institute of NSW has again met with NSW Fair Trading in regards to the operation of section 100(1)(c) of the Residential Tenancies Act 2010 (NSW).

The REINSW said changes to section 100(1)(c) made in 2014 were meant to clarify a tenant’s right to terminate a fixed-term agreement early without compensation to the landlord.

“The intent of the amendment was to reduce the confusion and improve clarity around how the section operates. However, unfortunately that was not the case,” it said.

REINSW chief executive Tim McKibbin said the amendment was made in order to provide some clarity around the effect of the section.

“Now subsequent decisions by the NSW Civil and Administrative Tribunal have raised concerns regarding interpretation of the section,” he said.

"There seems to be a disconnect between our understanding of why the amendment was made and the situation it was seeking to address, and how in fact the amendment is being interpreted.”

Mr McKibbin said the drafting of the amendment has led to a “confusing outcome”.

"We've again discussed the issue with NSW Fair Trading, with a view to keeping it firmly on their agenda. What we want to do is seek and obtain clarification for the industry,” he said.

"This current interpretation discourages investment in the sector and that is something that concerns us greatly as a profession.

"REINSW will continue to push for a clear outcome,” he added.

Peak body’s quest for clarity continues
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Network or independent?

Independent
Network, the bigger the better
Network, but midsized
Niche group, small and agile
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.