VicForms: Exclusive Sale and Auction Authorities updated

The REIV continually updates and reviews forms to ensure compliance, protect Members’ interests and reflect Member feedback.

The Exclusive Sale Authority 002 and the Exclusive Auction Authority 003 have been updated, notable changes include:

Continuing period removed

The option for a continuing authority period and the associated commission entitlement description has been removed. The agent’s commission entitlement is better protected during the “exclusive” authority period. Members are encouraged to focus on having the exclusive authority period correctly documented. This ensures that Members using REIV forms have the necessary documentation to claim commission as appropriate.

Auction date (003)

An end date of the exclusive authority period can now be determined for instances where an auction date is not entered or where an auction is not conducted.

Property sold upon terms etc.

The option for the vendor to give instructions to sell the property on vendor terms has been removed as it some Members found it confusing and was rarely used. The exclusion of this option in the authority does not prevent a vendor terms contract of sale, should that be what the vendor is prepared to accept.

Selling tenanted properties

As a reflection of the market, the Authority has been updated so instructions from the vendor include an additional option, “with vacant possession or subject to a tenancy”. This allows for circumstances where the rental agreement permits vacant possession, and the vendor is open to consider either option.

Please note, all REIV forms and authorities are reviewed by external lawyers before they are made available to Members. These updates are a result of Member feedback shared with REIV Information Officers.