Practice Regulation Section 10: Inspection of Residential Properties

A licensed estate agent must enter into an estate agency agreement with a vendor within 14 working days after accepting the vendor's instruction to sell or lease the residential property concerned.

If a licensed estate agent acts for a purchaser, they must enter into an estate agency agreement with the purchaser after signing an SPA or a lease of the property, whichever is later.

It is not necessary for a licensee to explain to a person who is not legally represented the different types of agency appointment in the estate agency agreement.

A licensee is not required to explain every term and condition in the estate agency agreement to ensure the person is aware of their rights and obligations under the agreement.

It is recommended that a person seek legal advice if they understand every term and condition in the estate agency agreement.

A licensed estate agent has 10 working days after accepting the vendor's instruction to sell or lease a property before entering into an estate agency agreement.

A licensed estate agent should enter into an estate agency agreement with a purchaser before advertising the property for sale or lease.

Before signing an SPA or a lease of the property, a licensed estate agent must enter into an estate agency agreement with a purchaser.

If a person is legally represented, it is not necessary for a licensee to explain every term and condition in the estate agency agreement to ensure they are aware of their rights and obligations.

It is not required for a licensed estate agent to recommend seeking legal advice to a person who does not understand any explanations provided about the estate agency agreement.