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REIQ Journal : September 2008
22 LEGAL ISSUES In addition, agents should: Accurately record - in writing - all instructions from clients in relation to price and any special conditions to be inserted into a contract of sale; Confirm all instructions back to clients - again in writing - so as to ensure that there has been no misunderstanding as to the advice received. The onus is then on the clients to revert if they consider that the agent has misinterpreted the instructions provided to them; Keep detailed written notes of all information provided by clients when listing a property for sale. Agents should send a letter summarising this information and ask clients to confirm in writing that the information provided by them is accurate; Keep detailed written notes of all discussions with prospective buyers in relation to the features and attributes of a property and any relevant contract terms and conditions that may have been discussed; Keep detailed records of all conversations with prospective buyers, including their questions and the responses to those queries; If you cannot answer a question, advise the prospective buyer that you don’t know - don’t guess; Encourage prospective buyers to make their own independent enquiries if they are interested in a property. This may include seeking advice from solicitors, accountants, valuers, town planners or the local council; and Preserve all sales files – including all contract documentation, appointments to act, file notes and correspondence – as well as diaries and telephone records for at least six years. Deposit Power Guarantees... Safe. Secure. Guaranteed. A Deposit Power Guarantee is a substitute for a cash deposit on residential property purchases. It can be issued for up to 10% of the purchase price. Deposit Power offers: the security of a full deposit guarantees to pre-qualified purchasers only an instant online verification system the security of an A+ rated company (Standard and Poors 2007) Deposit Power Helpline 1800 113 777 www.depositpower.com.au. Deposit Power is issued by Vero Insurance Limited ABN 48 005 297 807. DP9914 03/08 REIQ Journal September 2008