Estate Agent’s Finance Clause

Posted on April 30, 2007 by | 0 Comments

Peter Mericka B.A., LL.B


 


by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate

Consumers should take care if they find that this estate agent’s “Conditional On Finance” clause has been inserted into the real estate contract.

Ian Reid is a Melbourne estate agent whose “Ian Reid Vendor Advocacy Australia” website boasts:

Ian A. Reid


“Ian Reid’s career in real estate spans almost 30 years…Over those years, many thousands of clients have come to rely, time and time again, on Ian’s advice, profound real estate knowledge and warm, personal approach.Within the real estate profession itself, Ian has also come to be recognised as an accredited trainer and coach. Ian’s focus has been directed at both individuals and real estate corporations across the country, in delivering new age marketing strategies designed to improve the real estate industry standards.”
We have previously discussed Mr. Reid’s “Gazumping Clause“, but now we have discovered his “Conditional On Finance” clause. And it’s awful!

We believe that the Ian Reid “Conditional On Finance” condition has the potential to set the purchaser up to fail, by increasing the likelihood that the purchaser will breach the contract.

In such a situation the most likely winner would be the estate agent, whose chances of taking a commission from a forfeited deposit are greatly increased.

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