List two obligations that you have under the Competition and Consumer Act 2010 in relation to selling a property.
Under the Competition and Consumer Act 2010 (CCA) in Australia, there are several obligations that apply to selling a property. Here are two key obligations:
Misleading or Deceptive Conduct: Sellers must not engage in conduct that is misleading or deceptive or is likely to mislead or deceive consumers. This includes providing false information about the property, such as its condition, features, or any legal issues associated with it. Sellers must ensure that all representations made about the property are accurate and truthful.
Unconscionable Conduct: Sellers must not engage in unconscionable conduct when dealing with consumers. This means that sellers should not take advantage of a consumer's vulnerability or lack of understanding regarding the property transaction. For example, if a seller is aware that a buyer is not fully informed about the property market or the specific property, they must act fairly and transparently in the negotiation and sale process.
These obligations are designed to protect consumers and ensure fair trading practices in