Under the Property and Stock Agents Act 2002 (NSW), what must an agency agreement for the sale of residential property include?
Correct Answer
A) The commission and expenses payable, and when they become payable
In NSW an agency agreement must set out the commission and expenses the client will pay, or how they are calculated, and when they become payable, so the vendor knows the cost of the agency before signing. Prescribed agency agreement content differs between states, which is why this question is set under the NSW Act.
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