Since the beginning of this year new laws have been in place around underquoting. The reforms are designed to stop real estate agents understating prices.
Information for Vendors
Some key points for Vendors:
Information for Purchasers
As underquoting is now illegal, this assists potential buyers from wasting time and money preparing to buy a property they cannot afford. Purchasers can be reassured that real estate agents in NSW must;
And remember…
Just because a property sells for higher than the advertised price, this does not mean that an agent is guilty of underquoting. It simply can be a result of market forces and buyuer competition that cannot be predicted.
The underquoting reforms will assist all parties to a NSW residential property transaction to enjoy greater transparency in the negotiations and lead up to any conveyance.