Buying or selling your home will be one of the biggest financial transactions you will ever undertake. There are many important decisions to make. The Office of Regulatory Services (ORS) has developed a guide, Reality Check to help you make the right ones.

There are no uniform laws governing the sale of real estate across Australia. In the Australian Capital Territory, there are two important pieces of legislation that apply to the sale of real estate:

1. Civil Law (Sale of Residential Property) Act 2003. This Act sets down the rules that must apply to all real estate transactions. This ensures standard practices apply to all transactions, and the requirements for disclosure mean that sellers and agents cannot misrepresent property and consumers cannot be misled.
2. Agents Act 2003. This Act regulates real estate agents. It requires all agents, salespeople and property management personnel to be either licensed or registered. It sets out standards of character and levels of competency for people and companies trading in real estate.

Reality Check describes the basic steps involved in a real estate transaction and offers tips on how to avoid some of the common pitfalls. For example in the ACT, the seller of a residential property must provide certain documents and reports before the property is offered for sale. Reality Check provides document checklists in relation to these.

You should also seek specialist advice and assistance from as many sources as possible, to ensure you are fully informed before making any legally binding decisions.

Reality Check should not be used as a substitute for the Civil Law (Sale of Residential Property) Act 2003, the Agents Act 2003, or for professional legal advice.

While everything practicable has been done to ensure the accuracy of information in Reality Check, no liability is accepted for any loss or damage whatsoever attributable to reliance upon any of that information. Nothing in Reality Check should be taken to displace the need to seek professional advice 

To assist consumers in buying and selling real estate in the A.C.T. the ORS have developed the following guidance material:

• Reality Check - A Real Estate Guide for Buyers and Sellers in the ACT
• Building Compliance and Pest Inspections of Residential Properties - Guidance Material

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