"We’ll All Be Rooned", said Hanrahan

Posted on April 30, 2007 by | 0 Comments

Tim O'Dwyer M.B., LL.Bby Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au

Echos of the well-known poem about Irish-Catholic-bush-pessimist Hanrahan* came out of the Australian Capital Territory when The Canberra Times reported eleventh-hour alarm over the likely ruinous effects of anti-gazumping real estate and conveyancing reforms which were to come into force on July 1, 2004. *See full text of the poem 'We'll all be be rooned', said Hanrahan The unethical, but not illegal, practice of “gazumping” ocurred particularly in the ACT and still does in New South Wales in a rising sellers’ market where a deal is made, but before legally-binding contracts are exchanged, the owner sells for more to someone else.

In 2003 one Canberra lawyer said gazumped buyers were caused “much heartache”, “financial detriment” and “emotional stress”.

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