Property Developers - Real estate
Property developer is a broad term that includes those involved in sub-dividing land, building and selling property off-the-plan, renovating for resale or knocking down and rebuilding houses.
A developer is defined in the Act as a person whose business either alone or as part of or in connection with any other business, is to act on his own behalf in respect of the sale, exchange, or other disposal of real estate.
register its principal place of business with Consumer Protection in writing (s.57), and notify the Commissioner of any change in particulars (s.58);
keep a record of all real estate transactions in which they have been involved, for a minimum of six years (s.59);
comply with advertising requirements (s.62);
supply copies of signed contracts and documents relating to the transaction, which has been negotiated or is the subject of negotiation, to the parties involved (s.63);
comply with consumer protection laws; and
if a developer employs a person to sell property on their behalf, that person must be a licensed real estate agent holding a current triennial certificate or a registered sales representative with a current certificate of registration (s.54 (2)).
Developers must keep a record of all real estate transactions in which they have been involved. Each transaction must be filed separately and the file retained for a minimum of six years. The record must include:
- A stamped executed copy of the contract.
- All correspondence relating to the transaction.
- The settlement statement and statements of adjustments of rates and taxes.
A developer is responsible for authorising the publication of advertisements in respect of the developer business.
A duly authorised advertisement must contain sufficient details to identify the developer. As per real estate advertising generally, the trading name and office telephone number is a minimum requirement. The mobile number or home number of a developer, agent or sales representative alone is not sufficient, neither is an email or website address. However, these could be placed in an advertisement along with the minimum requirements mentioned.
The consumers section provides more information for buying "off-the-plan".
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