R2 Disclosure of Benefits

Land and Business Sale and Conveyancing) Act 1994 section 24C
Land and Business Sale and Conveyancing) Regulations 2010 regulation 22

If a benefit has already been disclosed in a sales agency agreement then the use of this form is not required to disclose that benefit.

Subject to section 24C of the Land and Business (Sale and Conveyancing) Act 1994, a land agent must use this form to disclose to you (the client):

  • benefits which the agent will receive or expects to receive from a third person to whom the agent has referred you, or with whom the agent has contracted, when the referral or contract is for the provision of services associated with the sale or purchase of property or a business;
  • any other benefit of which the agent is aware that any person (including the agent) receives or expects to receive in connection with the sale or purchase.

The obligation to disclose a benefit to you under section 24C is ongoing and arises when the agent becomes aware of a benefit. Note—

  • When this form is used, the land agent must disclose the nature, source and amount (or estimated amount or value) of the benefit.
  • A benefit includes a rebate, a discount, or a refund, and could include such things as frequent flyer points or gift vouchers.
  • Under section 24C(5) of the Land and Business (Sale and Conveyancing) Act 1994 an agent includes an agent acting for the purchaser or vendor, and a sales representative acting for that agent

Description of property or business

Nature of the benefitSource of the benefitAmount (or estimated amount or value) of the benefitName of recipient of the benefit and capacity* of recipient
    

* refers to the capacity in which the person receives the benefit eg as an agent, a financier, mortgage broker, lawyer.