There are a number of ways bad guys and girls wash their cash. Pokies, punting and apparently property. Over the last few weeks the entire property industry has been getting up-skilled on the new process to sell property and if we get it wrong we stand to face severe penalties. On the big screens are words like counter-terrorism, human trafficking and anti-money laundering. That three day course to get your real estate certificate sure exposes you to a lot of responsibility.
As of July 1, every buyer and seller will need to be a part of a ‘Know your customer’ review. This is a process that sees real estate agents, and almost every other professional that is a part of the sale, complete a series of questions and obtain information on behalf of AUSTRAC. When you list your property after July 1, 2026 there will now be a charge that you will pay and this will cover a compliance officer and software required by each agency to manage this process.
You will be required to provide detailed information and identification prior to any action being undertaken by your agent. And you will be required to do this multiple times throughout the sale journey eg. with your loan broker and lawyer etc. This will also apply to buyers. You who will be required to complete the same process once you have purchased. Either within 28 days of the contact or three days prior to settlement, whichever is the sooner.
Having now undergone the training I understand the need for this sort of checking, but you’ve got to question whether the agent is the best person for the job. This is another responsibility, with another associated fine for error and another cost to the seller and agency. It comes only nine months after the Form 2 was introduced, which slugged owners with more cost and more legal exposure for the agent/owner. I understand that agents stand as the cross walk attendants of the property transaction but there seems to be an ever growing line of responsibilities walking over that zebra crossing.
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As the expression goes, how do you know if someone has run a marathon? Don’t worry, they’ll tell you! With that now noted, I feel compelled to inform you that I have run a marathon and I feel much better for having shared that with you. That said, this property market feels a lot like … […]