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New Estate Agents (General, Accounts and Audit) Regulations

New Estate Agents (General, Accounts and Audit) Regulations

By LIV Commercial Law Section CommercialLawSection@liv.asn.au

Legislation 

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The Estate Agents (General, Accounts and Audit) Regulations 2018 (‘the Regulations’) came into operation on 20 May 2018. The Regulations replaced the Estate Agents (General, Accounts and Audit) Regulations 2008 (‘the 2008 Regulations’).

The Regulations contain the prescribed form of the statement by a vendor with respect to the sale of a small business (‘Section 52 Statement’).

Changes to the 2008 Regulations, and in particular the Section 52 Statement, include:

  • for the purposes of the definition of small business, an increase in the threshold of the total price of sale from $350,000 to $450,000;
  • a new reference that the total price explicitly excludes an amount representing the value of a liquor licence or permit under the Liquor Control Reform Act 1998;
  • a new requirement that the Business Operating Report must cover the trading of the business for the current accounting period, specified as year to date figures; and
  • where the sale of business includes an assignment of lease of retail premises, a new item requiring the vendor to give to the purchaser a disclosure statement in accordance with section 61(5A) of the Retail Leases Act 2003.

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