Property Services Regulatory Authority (Amendment) (Bidding Transparency) Bill 2017

Public bill · Private Member · Introduced

The bill would require estate agents and other licensed property service providers to keep a detailed record of every offer made on a property sold privately, including any conditional acceptance, for at least six years. If someone complains, the Property Services Regulatory Authority would have to confirm within 10 days that other bids were made and give basic details such as the date, amount and any conditions, but not the names of the bidders. Agents who fail to supply the required information could face a fine. Its aim is to make private property sales more transparent and to give buyers more confidence that the bidding process is being handled fairly.

Formal long title

Bill entitled an Act to enhance and expedite the transparency of the bidding process during the sale of land other than by auction

Last updated 13 February 2020