The changes to the Property Stock and Business Agents Regulation 2014 will require real estate agents, when listing a property, to disclose all inspection reports taken out by a vendor or potential buyer.
Agents will be required to update their disclosures after each new report is completed and provide buyers with the names of companies which have recently completed inspections of the property. They must also include firms that offer peer-to-peer sharing discounts.
Minister for Innovation and Better Regulation Victor Dominello said the reforms will help to reduce duplication of inspection reports and offer better discounts to consumers.
“Having startups and disruptors compete in the property market and offer inspection reports is reflective of our 21st century economy. It also increases competition and reduces the price of these reports for potential buyers”, Mr Dominello said.
The new laws will come into effect across NSW by July 2016.
Source: News Release, New South Wales Government, 04 April, 2016