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Buyers’ agents have been formally recognised in NSW’s Residential Conveyancing Protocol for the role they play in property sales.
Six years after a decision to include the contact details of buyers’ agents on the front page of a contract for sale of land, The Law Society of NSW has formally recognised the role buyers’ agents play in property sales.
By clarifying their involvement in property transactions, the new Residential Conveyancing Protocol recognises buyers’ agents alongside selling agents and solicitors, and includes the following:
The Law Society’s move comes following a campaign led by the Real Estate Institute of New South Wales, which argued that given the popularity of buyers’ agents in NSW, their growing involvement in property transactions needed to be appropriately recoginised.
“We also felt there would be some solicitors and conveyancers who may be less familiar with working with buyers’ agents, and it was time to clarify our value in the process for the benefit of all the stakeholders,” said Nick Viner from Buyers Domain, who chairs the REINSW Buyers’ Agents Chapter Committee.
“To our enormous satisfaction, we have been delighted that the Law Society were happy to make the changes,” Mr Viner concluded.
The new Residential Conveyancing Protocol is now live on The Law Society of NSW’s website.