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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.
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".