Compliance at Haze Real Estate
We are serious about compliance ...
Compliance is non-negotiable at Haze Real Estate. We expect all staff to follow the process without exception. Our compliance process keeps our sales people safe, but also keeps our company safe and protects our brand.
Any breach of this process will be regarded as a serious issue and appropriate action will be taken.
Haze Real Estate Compliance Manager is Hazely Windelborn for AML and all other compliance to legislation, rules and regulations relating to the Real Estate Industry.
What needs compliance approval ?
Appraisals
What
All appraisals prepared by salespeople in Property Smarts and Property Guru must be approved. Only appraisals generated using the approved company templates will be approved.
When
Written approval (email) must be obtained prior to presenting an appraisal to prospective clients.
Why
Appraisals are checked to ensure the correct templates are used; to check that appropriate comparative properties have been added and that the recommended range complies to legislation and regulations. Misleading appraisal ranges are often the cause of REA complaints and can result in huge fines for salespeople.
Agency Agreements
(Listings)
What
All new listings are checked before they can be marketed.
When
Before a new listing can go live, the AML must be approved and all the required contractual documentation and all supporting documentation must be in VaultRE. The required upfront fee must be paid in full as per the agency agreement package selected by the client.
Why
It is a legal requirement to ensure AML is approved and all the legal requirements of the agency agreement has been met before we are legally allowed to market a property for sale. The agency agreement is a legally binding contract which binds the company to deliver a service. The salesperson represents the company in the process, but is not personally a party to the contract - the company and the vendor are the only parties.
Sale and Purchase
offers and contracts
What
All offers to purchase prepared in REINZ e-forms must be checked prior to being presented to a purchaser or vendor. This includes the checking of all related documentation such as multi-offer and conjunctional agreements which might relate to the offer/s.
All sale and purchase contracts signed by both parties must be checked prior to being sent to solicitors or the parties. At the same time as the signed contract is checked, The Transaction Report must be checked as well prior to contracts are sent to solicitors or parties.
When
Offers are checked prior to being presented to purchasers and contracts and transaction reports are checked prior to being sent to solicitors and parties. Contracts have conditions that start running from agreement date and thus it is imperative that these are presented for checking immediately after the agreement is dated to avoid delays.
Why
Any missed / incorrect data or signatures in any of these documents can have serious and even legal implications for the salesperson as well as our company, besides the potential disastrous impact on our clients and customers.
How do I go about getting documents approved?
Time frames for document creation and compliance approval
Weekdays
-
All documents to be processed and approved on a weekday, must be submitted to the Administrator before 10 am on the day.
-
All documents received before 10 am will be checked on the same day.
-
Documents received after 10 am may not be processed and checked on the day and may have to wait till the next business day. Please ensure you allow enough time for the compliance checking process to be completed when you book appointments with clients and customers.
Weekends and Public Holidays
-
Only urgent documents will be processed over weekends and public holidays.
-
The salesperson MUST forewarn the Hazely via a phone call if they expect to require assistance with the creation and compliance checking of documents over non-weekdays.
How to get Appraisals approved
Ensure your appraisal is completed at least 24 hours before you want to present it. That allows time for checking, fixing and rechecking if needed. Don't let your lack of planning put pressure on your colleagues
If you are invited to present an appraisal at short notice, please phone the Administrator on weekdays or the Hazely over non-weekdays to confirm the availability to check your appraisal in time.
Save and download a PDF of your appraisal from Property Smarts and email it to the designated compliance officer. If it is urgent, you must phone the officer as well to ensure they give attention to your email straight away or at least as quickly as they can. Feedback / approval will be provided via email and if anything needs fixing, the officer will also phone you to discuss.
How to get Agency Agreements approved
Once the potential client has submitted the electronically signed online listing form, the salesperson must wait for AML verification of the deal before signing and dating the agreement. The document must be uploaded to VaultRE as the final signed and dated agreement. The listing form contains information required for the AML approval process as well as the vendor consent questions.
At the same time you must upload all required documentation to the AML Hub to enable the completion of the AML approval process. While you wait for the AML approval, draft the marketing copy and have it approved by your vendors. Once AML approval has been received in writing, you can sign and date the agency agreement and upload the final signed contract to VaultRE.
Once a contract is in place, request the payment of the appropriate upfront fee from your vendors. Once this fee is paid, book the photography and other marketing. Inform the Compliance manager/officer that the listing and all marketing is ready for the final pre go-live check. Once approval is received, the listing may go live. The Administrator will make the listing live.
How to get Sale and Purchase Offers and Contracts approved
Once your purchaser/s have submitted the online "Offer to purchase Information" form, the Administrator on weekdays / Hazely on non-weekdays, if urgent, will create the required REINZ e-form document. It is imperative that all purchaser/s complete the online form themselves or with you as they have to agree to the purchaser consent questions, prior to us processing their offer, which is part of this form.
The completed offer document will be sent to the Compliance officer who will review it and confirm approval in writing. You can now go ahead and present the offer document to the purchaser/s for their signatures. Once the purchaser/s have signed, you can present the offer to your vendor/s. When all parties have agreed and you have a fully signed agreement, you can date the agreement and send it to the Administrator who will also receive your submitted Transaction Report and any other documentation relating to this contract. She will then forward it to the Compliance officer who will review all documents and provide approval in writing that the contract may be sent to the various solicitors and parties by the Administrator, or if it is urgent on a weekend or public holiday, Hazely will send out the contract as required.
Salespeople are not to send out contracts to solicitors or parties under any circumstances.