Apply for a 24G approval
From 29 January 2018 there will be new requirements for 24G matters.
It is best to seek legal advice if you are the authorised agent for the sale of a property or business where there may be a conflict of interest or beneficial interest.
A 24G approval allows land agents and sales representatives to work within the law if they are buying a property they have appraised or been authorised to sell or are selling a property to an associate.
Associates usually include people such as:
- personal partner
- close relative
- people connected to you through work.
24G approvals may be refused if the Commissioner believes that:
- the agent or sales representative is not acting in the best interest of the vendor
- the vendor is likely to suffer detriment as a result of the transaction
- the application has not been submitted in the correct manner and form
- requested information and documentation is inaccurate, incomplete, misleading or not provided.
Before you begin
Disclosing benefits to the vendor
You must inform the vendor of the benefit to you, including things like your relationship to the purchaser and possible land development. You can do this by disclosing details of the benefit in the sales agency agreement or by giving the vendor a completed disclosure of benefits form (22.7 KB PDF).
You must arrange for an independent valuation of the property and make sure the valuer doesn't know the buyer's offer. The valuation must be paid for by the agent, sales representative or the purchaser. Include a valuation report stating the current market value with your application for 24G approval. A valuation is not required for the sale of a business.
Commission and expenses
You can't receive commission or claim expenses from the sale without approval. If you feel you have good reason to seek payment you can request that the Commissioner approves this when you apply. If expenses have been paid in advance this also needs to be advised and approved by the Commissioner.
Use the application form to get statutory declarations from:
- the land agent/sales representative
- the vendor
- the person buying the property
- a copy of the sale contract and sale agency agreement
- a copy of the certificate of title
- details of any written offers
- details of the marketing plan
- a copy of the valuation report
- evidence of commission and expenses if this is part of your application - eg accounts or invoices.
What happens next
Application processing times vary and can take several weeks to assess. This can affect the settlement date so advise the vendor of possible delays before they sign a contract.On lodgment of the application you will be given an estimated timeframe.
On this site
- Forms for occupational licences - real estate and land agents - Consumer and Business Services
- Check registration processing times
Contact Consumer and Business Services
91 Grenfell Street
GPO Box 1719
Adelaide SA 5001