Seller must be given estimated selling price
47A Seller must be given estimated selling price
S. 47A inserted by No. 41/2003 s. 6, substituted by No. 58/2016 s. 5.
S. 47A(1) amended by No. 6/2025 s. 75.
Before obtaining a person's signature to an engagement or appointment to sell residential property on behalf of the person, an estate agent or an agent's representative employed by the agent must ensure that the engagement or appointment contains an estimate of the selling price of the residential property that—
is expressed as—
a single amount; or
a price range where the difference between the upper and lower limits of the range does not exceed 10 per cent of the amount of the lower limit of the range; and
is set out in a form approved by the Director.
Penalty: 240 penalty units.
Nothing in this section requires the estimate of a selling price and the seller's reserve price to be the same amount.
This Act’s bill:Second reading speech
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