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Laws pass for fairer auctions

18 May 2013

New real estate laws that have passed parliament this week will mean fairer auctions for South Australian homebuyers.

The laws are expected to give greater certainty to homebuyers, and mean that if a price for property to be auctioned is advertised, the buyer will know what the vendor is willing to accept.

The new laws also:

  • Eliminate the practice of underquoting
  • Remove a significant amount of red tape for real estate agents
  • Reform sales agency agreements to allow them to be extended and more flexible, while still protecting individuals from being exploited
  • Requires the price placed in a sales agency agreement by an agent to be a single figure, rather than a range, compelling agents to be more accurate and realistic in their sales agency agreements.