Apply for a 24G approval
From 29 January 2018 there are new requirements for 24G matters.
It's 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.
An alternative to the approval process is to sell the property at public auction. The auction must be prominently advertised for at least two consecutive weeks before the auction takes place.
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 .
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 Consumer and Business Services (CBS) approves this when you apply. If expenses have been paid in advance this also needs to be advised and approved by CBS.
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. You will be given an estimated time frame when you lodge the application.
On this site
- Forms for occupational licences - real estate and land agents - Consumer and Business Services
- Check registration processing times