Mutual Recognition of Brokers Licences - NSW

Mutual Recognition of Brokers Licences – NSW

Joe Kafrouni

13 Aug 2013

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min read

What do you need to do if you want to sell or advertise a business in New South Wales (NSW) if you are already licenced in another state?

To practice as a Business Agent in NSW you must apply for mutual recognition of your state licence or certificate. You must also meet the eligibility criteria and licence conditions as contained on the Office of Fair Trading website. Licence conditions include having professional indemnity insurance in place and undertake continuing professional development each year (12 points per licence year).

There is the opportunity to apply for mutual recognition as a Business Agent (equal to a Real Estate Agents Licence in Queensland) or a Business Salesperson (equal to a Real Estate Sales Person in Queensland). Corporations cannot apply for mutual recognition. If you intend to trade as a corporation, you must also apply for a corporation licence. Further information about applying for a corporation licence can be found here.

Application for mutual recognition is made by completing the form Notification to Local Registration Authority – Mutual Recognition. The form contains clear instructions on documentation you will need to provide, information about the fees to be paid and required professional indemnity insurance.

You must wait until the Office of Fair Trading advises you that the licence has been approved and issued before you can begin selling businesses in NSW.

Please note that NSW has its own unique appointment of agent and related documents. Failure to properly complete or follow the necessary process may result in the business broker losing the right to claim commission and further penalties may apply.

Joe Kafrouni, Legal Practitioner Director, Kafrouni Lawyers

Disclaimer

The information provided by Kafrouni Lawyers is intended to provide general information and is not legal advice or a substitute for it. You should always consult their own legal advisors to discuss their particular circumstances. Kafrouni Lawyers makes no warranties or representations regarding the information and exclude any liability which may arise as a result of the use of this information. This information is the copyright of Kafrouni Lawyers.

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Joe's been our company’s lawyer from the beginning and has been instrumental in our journey as company owners and directors. When dealing with both complex and sensitive company issues, Joe is able to provide us with clearly articulated strategies that are well thought‐out and with the bigger picture in mind. He genuinely cares and is always willing to share his personal views, which are both honest and just. Joe is highly professional and knowledgeable in his field. You will definitely benefit having him on your team.

Joe has assisted us with numerous acquisitions and mergers over the last 10 years. Joe's advice and expertise have been invaluable. Joe is always prompt and professional and answers all of our questions in detail. I can highly recommend working with Kafrouni Law and we will look forward to working with them for many years to come.

Thank you, Joe. It was a pleasure working with you to resolve the matter today. In particular, I appreciated your patience to fully understand each party’s position and to bed down a final heads of agreement to conclude the resolution between the parties.

Kafrouni Lawyers assisted me to resolve my partnership and company shareholder dispute over a family cattle business and property. From the start, Joe provided practical advice and options to resolve the dispute away from the courts. His perseverance and technical skill helped unravel a complex financial structure, resolved disputed shareholder claims, and resulted in a signed settlement deed rather than litigation. Joe cared to explain the legal and financial complexities behind his step by step advice and maintained our focus on the end goal. Joe's involvement certainly improved my family's position and I recommend Joe to anyone finding themselves in similar circumstances.

The biggest lesson I have learnt from you recently, Joe, is that it pays to have a professional such as yourself on my side to deal with matters that I am unequipped to handle … so I can carry on with the task at hand of building my business! Thanks again, I’ll take pleasure in recommending your services to anyone in need.

Joe, I appreciate it was a very long day yesterday but we got there in the end. I thought you did a great job and I enjoyed watching your approach and the way you conducted the mediation.

Joe, as you know we were in a very difficult position with our company before we engaged you as our lawyer and fortunately, even with the odds stacked heavily against us in our shareholders dispute, you managed to pull us through to victory. You are a true credit to the industry not only because of your skilled negotiating tactics but also due to your personable nature, which made us feel comfortable in such a volatile situation.

A big thank you for your time today, Joe. Thankfully we managed to strike a deal although it took a little while to do. Thanks for your patience and perseverance.

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