The new Sale of Land (Public Auctions) Regulations 2024 are in effect as of the 23rd of June 2024, replacing the former Sale of Land (Public Auctions) Regulations 2014.
Printed copies of the new Rules will be available within the next two weeks.
The REIV submitted a proposal to transition to digitisation of documentation and bring auctions in line with modern advancements within the real estate sector and across similar industries. Further, it would increase the overall quality of auctions, lift language barriers for prospective buyers, and reduce the sector’s environmental footprint. The proposals, though accepted as valid arguments, were not implemented at this time. The REIV will continue to engage with the government to advocate for better use of technology in real estate transactions.