Access to particular documents by new resident letting agent
96 Access to particular documents by new resident letting agent
This section applies if a resident letting agent (existing letting agent)—
is a letting agent for a community titles scheme; and
enters into a contract to sell management rights for the community titles scheme to another resident letting agent (new letting agent).
At least 14 days before the day management rights are to pass to the buyer under the contract, the existing letting agent must make available to the new letting agent the existing letting agent’s trust account records for the community titles scheme to which the management rights relate for the prescribed period before the intended date of the sale of the management rights.
If the existing letting agent fails to comply with subsection (2), the new letting agent may avoid the contract.
In this section—prescribed period means—
5 years; or
if the existing resident letting agent has been the letting agent for the community titles scheme for a shorter period, the shorter period.
This provision refers to the regulations (prescribed period
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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