Quite possibly the poster thought they were being creative when they would put their block of dirt under the house listing or whereever just in case someone might see it (ignoring the fact that it would p!55 people off).

The agent is generally paid upon settlement when the purchaser's solicitor provides the 'order on the agent' to account for any interest earned (if joint account was required) and to release the deposit held less any costs/commission back to the vendor. So if there is a delayed settlement, then the payment of commission is also delayed. It is not the role of the agent to ensure that the buyer is going to settle (the vendor's conveyancer/solicitor does this) however the agent would generally still engage with the buyer to ensure they were aware of the progress towards completion.

From memory, there is a clause with regard to commission (on recission of contract in the cooling-off period) but there is no enforceable clause for payment of commission on sales which subsequently fall over or fail to complete.

Hi Terry,

thanks for the heads up. A couple of points though: would it not be in the interests of the agent to have negotiated that the purchaser provide a deposit equal to (or more than) the selling commission?

Aren't the rights of agents protected by the provisions of the contract of sale eg: where the agent is not the deposit holder? Otherwise it would raise a little grey area of where the solicitor is the deposit holder but not privy to the sales agreement and rate of commission payable to the agent, would it not?

In General terms, SEPP5 requires that the proposal complies with several basic conditions:

These conditions include: (Ref: Ch 3 Part 2 Cl 26)

Proximity to banks, retail, medical & commercial uses
Access to regular transport
Community services & recreation facilities
Footpaths for electric wheel chair access etc…

Many of these conditions are probably harder to meet in rural areas but are more easily met in major centres.

For more info see: http://www.planning.nsw.gov.au/settingthedirection/pdf/ps07_016_sepp_seniorshousing.pdf

Site compatibility: http://www.planning.nsw.gov.au/planningsystem/pdf/pub_site_compatibility_certificates_apr09.pdf

The legislation allows you to erect this style of dwelling where it complies with the guidelines – Pt 1 17 (2) as you point out prohibits "serviced self-care" on land that adjoins land zoned primarily for urban purposes that is, nursing homes/retirement villages etc where there is on-site management 24/7.

SEPP 5 is generally for multi-unit dwellings located close to services (bus/rail/doctors/shops etc) but on land which is not zoned medium density.

yyround, $0.5M doesn't buy a great deal of anything in most parts of Sydney – what sort of space (industrial, office or retail)?

Which part of NSW or are you looking at the major centres (Sydney, Penrith, Parramatta, Hurstville, Chatswood, North Sydney, Wollongong, Newcastle, Central Coast)?

Tyson, even if the contract is binding, regardless of the deposit situation, your solicitor cannot settle the property until all conditions have been met eg payment of deposit & balance and any other special conditions which may apply.

You would not sign the transfer form until you know they have met the conditions of the deposit.

If the property goes the whole period to settlement and the buyer does not fork out all of the funds, then your solicitor will have to issue a notice to complete before you can repudiate the contract.

An agent cannot act on your behalf unless you have signed a leasing or management agreement either exclusive or open. That may be why they haven’t done much to date – do you have the paperwork?

Is it up on the web or your preferred media?

If you have not signed an agent, you are free to choose but many agents will tell you what you want to hear in order to list the property.

Which area is the property’

read the local environmental plan for the council area – there are some inconsistencies between different areas.

You  have to ask yourself "what promotion of the property are the agents doing? Are the photos & information provided reflecting what you are selling or is it a bit underwhelming? Where is it being advertised? Is the property in town or on acreage? Have local letterboxes been dropped? Is it an open or exclusive agency agreement (ie can you sell it yourself or is the agent still entitled to their commission?  Is this the most appropriate form of advertisement? Do the agencies have a email brochure of properties which they send out on a regular basis? Which websites are being used? How long has the property been on the market? Is price the issue?"

When you are satisfied that all of the above are at their optimum, then you sit and play the waiting game (and keep on the backs of the agents).

Unfortunately there aren’t very many options when it comes to commercial property. Although pathetic, they’re all we’ve got.