Fraud Prevention Guidelines

Many agents are receiving fines from NSW Fair Trading for failure to include proof of identity documents in their sales files. While the Fraud Prevention Guidelines are an adjunct to the Supervision Guidelines set out by the Commissioner of Fair Trading, and there are no specific rules of conduct, fines may be issued at Fair Trading’s discretion.

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Checking Contracts For Sale

When receiving contracts of sale for marketing purposes, agents have a duty to check that the contracts they have received are complete documents and they must not market the property until a complete contract is received. Legislation requires specific documents to be annexed to the contract of sale otherwise the purchaser will have the option to withdraw from the contract within 14 days of exchange.

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