In South Australia, what is the legal position when a land agent would act for both the vendor and the purchaser of the same property?
Correct Answer
A) Acting for both the vendor and the purchaser of the same property at once is an offence
Section 24F of the Land and Business (Sale and Conveyancing) Act 1994 (SA) prohibits a person acting as agent for both the vendor and the purchaser of the same land or business at the same time, and prohibits entering into agreements that could lead to that. It also covers the case where the agent sells a property to a buyer whose purchase depends on selling another property the agent is selling for them; that limited situation is allowed only after the buyer receives and acknowledges an approved warning notice.
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