Apply for a 24G exemption
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 exemption allows land agents and sales representatives to work within the law if they are buying a property they have 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 exemptions are only granted if the circumstances are unusual. An alternative is to sell the property at public auction.
Before you begin
Disclosing benefits to the vendor
You'll need to show the commissioner evidence that the vendor knows about the benefit to you in detail (including things like possible land development) and still wishes to go ahead with the sale. 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. Include a valuation report stating the current market value with your application for 24G exemption.
Commission and expenses
You can't receive commission or claim expenses from the sale. If you feel your circumstances are unique, you can request that the commissioner approves payment when you apply.
Use the application form to get statutory declarations from:
- the land agent/sales representative
- the vendor
- the person buying the property
You will also need:
- a copy of the sale contract and sale agency agreement
- a copy of the certificate of title
- details of any written offers - not required for the sale of a business
- 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.
How to apply
1. Complete the form
Fill in the Application to obtain beneficial interest - section 24G and sign it.
2. Attach supporting evidence
Attach the documents listed above to your application.
3. Lodge your application
What happens next
Applications can take several weeks to assess. This can affect the settlement date so advise the vendor of possible delays before they sign a contract.
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Contact Consumer and Business Services
91 Grenfell Street
GPO Box 1719
Adelaide SA 5001