Agent not to act for both purchaser and vendor of land or business
24F Agent not to act for both purchaser and vendor of land or business
A person must not act as an agent on behalf of both the vendor and purchaser of the same land or business at the same time. Maximum penalty: Maximum penalty: $20 000.
A person must not enter into agreements to act as an agent in the sale or purchase of land or a business if the performance of services by the person under the agreements will or can result in the person acting as an agent on behalf of both the vendor and the purchaser of the same land or business at the same time. Maximum penalty: Maximum penalty: $20 000.
For the purposes of this section, without limiting the circumstances in which a person acts as an agent on behalf of both the vendor and purchaser of the same land or business at the same time, a person will be taken to so act if—
the sale of land or a business is negotiated by the agent on behalf of a person; and
the purchase of the land or business is made subject to the sale of some other land or business by the purchaser; and
the agent acts on behalf of the purchaser in the sale of the other land or business.
Despite the preceding provisions of this section, an agent may act on behalf of the purchaser in the circumstances referred to in subsection (3) if, before the purchaser authorises the agent to do so—
the agent gives the purchaser a warning notice in the form approved by the Commissioner for the purposes of this section; and
its receipt is acknowledged by the purchaser in writing on a copy of the form.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.