OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au A junior journalist had a couple of questions about my paper “Should you act for both parties?” delivered at the Australian Institute of Conveyancers National Conference. “What’s conveyancing?” he asked. “And what’s the difference between conveyancers and solicitors?” A pre-conference media release had assumed – mistakenly – that everyone knew conveyancing was the contract preparation, professional advice, negotiation, documentation and searches involved when you...
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OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au The simple answer to the above question is no. But I guess many of us will, from time to time, act for both parties in conveyancing transactions. And, frankly, many of us will continue to do so until the governments in our various states and territories legislate against this practice to properly protect conveyancing consumers. Our professional and industry bodies may skirt around the...
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ASIC deputy chair Peter Kell says: “Reverse mortgage products can help many Australians achieve a better quality of life in retirement. But our review shows that lenders and brokers need to make inquiries that would lead to a genuine conversation with customers about their possible future needs, not just a set of tick boxes on a form.” Borrowers have been cautioned that are not getting enough help from lenders or advisers in working out the...
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Hao Dong was dazzled, and when the time came for the house to be auctioned in March 2016, he placed the winning bid. He purchased the property in the hope that it could one day house his parents. But a few weeks ago the illusion of a good investment was shattered when the council, having received a complaint the property was being used as an unregistered rooming house, revealed most of the structures on the...
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The two estate agents in this story know their industry, know how things done, and apparently don’t like it when someone steps out of line. I regularly receive complaints from clients who tell me that they have been bullied or otherwise harassed by estate agents for asking too many questions, wanting to remove onerous special conditions from a contract or even adding a “subject to finance” clause to a contract. But if you really want...
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Haunted house? Seven years’ bad luck? Poor feng shi? What matters to home buyers can vary, but does it get to a point where vendors have an obligation to disclose such issues as though they are defects? Within the industry, such dwellings are known as ‘stigmatised properties’ because they are judged to carry baggage that makes them less desirable. Stigmatised properties include homes where murders and deaths — or other crimes or misfortunes —...
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The Victorian State Government has bent over backwards to assist real estate agents whose own professional body has contributed to this debacle. But it appears that there is a long way to go before the matter is resolved. “To put the allegation at its simplest, whomever approved the form on behalf of the director (CAV) did not properly read the Estate Agent Act. Further, whomever at the REIV had responsibility for preparing the pro...
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It’s not just in Australia that young people are relying on the “Bank of Mum & Dad” or and inheritance. A new report from Sanlam UK has revealed 34% of 25-45-year-olds would use inheritance to purchase property – the second most commonly cited use. Whilst saving or investing came top at 38%, alarmingly, almost a quarter (24%) will be relying on inheritance to pay off debt. Today, parents are handing out an average of £18,000...
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The new financial year brings a fresh opportunity for first home buyers. If you have kids or grand-kids who will be looking to buy their first home sometime in the next decade, or you are still hoping to achieve that goal yourself, the Government’s new First Home Super Saver Scheme (FHSS) is an absolute no-brainer. http://www.switzer.com.au/the-experts/paul-rickard/a-no-brainer-for-first-home-owners20181904/ Peter Mericka B.A., LL.B – Australian Legal Practitioner, Consumer Advocate and Principal of Lawyers Real Estate Pty Ltd...
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An amusing, but not-so-far-from-the-truth examination of what often happens when lawyers stuff up. If you’re a lawyer DO NOT rely on the first set of tips! One of the dark and dirty secrets about practicing law is that attorneys sometimes make mistakes. That’s because, as you may be surprised to learn, there is a human being lurking inside of each of us. Overturned cases get cited as good authority, numbers get transposed, and that one...
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