The big news this week!
The Sale of Land (Public Auctions) Regulations 2014 have officially been revoked and replaced with the new Sale of Land (Public Auctions) Regulations 2024, effective as of June 24, 2024.
Here’s what you need to know:
These new regulations set the standard rules for public land auctions, specify the written information statement required for these auctions, and outline the obligations of auctioneers. While the core auction rules remain unchanged, we’ve got some tweaks in the formatting of the schedules:
• Regulation numbers are now placed under the document heading.
• Numbers are used in the body of some schedules instead of words.
Real estate offices take note: Make sure the correct auction rules (Schedules 1-4) and information about the conduct of public auctions (Schedule 5) are displayed at least 30 minutes before any auction starts.
Stay sharp, stay compliant, and let’s keep pushing forward!