A written agency agreement must be prepared for all services to be performed by an agent for a client (principal), unless the services relate only to livestock.
It is important to ensure the agreement is prepared, signed and served correctly – or you may lose your entitlement to be paid commission and recoup expenses.
An agent is not entitled to any commission or expenses for services performed for a client unless:
If the agency agreement relates to residential property or rural land, it must contain a statement identifying the source and estimated amount of all rebates, discounts and commissions that the licensee will or may receive in respect of the expenses payable by the client under the agreement (see section 57 of the Act). An agent is not entitled to any expenses from the client if these disclosures are not made.
If the agreement is for the sale of residential property, the client must be given a copy of the consumer fact sheet Agency agreements. The fact sheet can be given to the client up to one month before the agreement is signed (see section 56 of the Act).
If the agreement is for the sale of residential property or rural land, the client has a cooling-off period of one business day or Saturday. During the cooling-off period, the client can cancel the agreement by giving you written notice.
The copy can be served by:
If the client is a body corporate, the copy of the agreement can be served by:
An agency agreement must:
The Property, Stock and Business Agents Regulation 2003 prescribes the terms which must be included in agency agreements. You can look at clauses 12 and 13 and Schedules 7 to 14 of the Regulation, or click on the relevant link below to see the terms required to be included in the type of agreement you wish to know about. Agency agreements can also contain additional terms that are not inconsistent with the Act and Regulation or with the required terms.
Agency agreement terms for:
Sale of residential property
Sale of rural land
Leasing of residential or rural property
Management of residential property or rural land
Management of strata or community title land
Sale of business