Large fines can be imposed for not complying with regulations
Agents have a fiduciary duty to inform their sellers of these obligations. Failure to sell a property that meets regulations could lead to fines being imposed.
A quality settlement agent will keep up to date with any changes and advise you right at the beginning of your obligations.
Similarly, if you purchase a property and a regulation has not been adhered to by the previous owner, the obligation may pass to you as the new owner by the regulatory body.