New rules come into effect in the New Year, affecting a number of areas within Real Estate in South Australia.
From a conveyancer’s perspective, this means our role becomes more important than ever to guide you through your transactions and make sure none of the parties in your transactions makes costly mistakes.
What’s new for auction pricing?
One of the changes that will immediately impact vendors and buyers is the new legislation around the setting of an ‘acceptable price’ in auctions.
As of January 1, 2014, the reserve price in an auction will need to be tied to no more than 110 per cent of the agreed ‘acceptable price’ in the sales agency agreement.
While it can be lowered, it cannot be raised.
And penalties for getting these settings wrong can be expensive.
Further changes relate to cooling off periods for bodies corporate and other changes that you might not have heard about in the press.
If you are planning any real estate activity in the New Year, keep an eye on our blog as we will cover these changes in more detail over the summer.
