A vendor's proposed contract names her solicitor as acting on the sale. A keen buyer arrives with a signed contract and a deposit, and the agent wants to exchange on the spot. The solicitor cannot be reached. What is the position?
Correct Answer
A) The agent cannot take part in the exchange without express authorisation
NSW Fair Trading guidance states that an agent may not take part in the exchange or making of a contract for the sale of residential property when the client has notified the agent, or the proposed contract indicates, that a solicitor or conveyancer is acting for the client. In that case the client, their solicitor or conveyancer must give express authorisation before the agent takes part in the exchange.
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A NSW selling agent arranges the exchange of contracts between buyer and vendor at the agency office. After exchange, what must the agent do with the signed contract?
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After exchange on a Newcastle house, the buyer's solicitor finds that the council planning certificate required by section 52A of the Conveyancing Act 1919 was not attached to the contract. What right does the buyer have?