Monthly Archives: May 2007

Brief History Of Over-Priced Marketeering Of Qld Properties

Posted on May 4, 2007 by | 0 Comments
by Tim O’Dwyer Solicitor* JAN/FEB 1999 – National media reporting of Queensland’s well- established, two-tier property rorts. JULY 1999 – Labor Government’s Fair Trading Minister, Judy Spence, tables report on “two-tier marketeering”in Queensland Parliament. “Two-tier” explained as meaning properties have two prices, a lower one for locals and a higher inflated price for conned fly-ins. SEPTEMBER 2000 –Spence introduces Property Agents and Motor Dealers Bill to Parliament, says it contains “a number of protective mechanics...

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Beware This Nigerian-Style Real Estate Scam

Posted on May 4, 2007 by | 0 Comments
by Tim O’Dwyer Solicitor* John and Sue Anderson (not their real names) knew about the costs and risks involved in using an estate agent to sell their home. So they went DIY – Do It Yourself – with a pretty neat internet package promoting their acreage property. Enquiries quickly arrived from scores of scouting agents saying they had buyers interested in a home just like this. No thanks, said John and Sue. Politely at first....

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Deposit Bonds – Best To Ask First!

Posted on May 4, 2007 by | 0 Comments
If you’re considering the use of a deposit bond, be sure to allow for it in your contract. A growing number of purchasers are landing themselves in strife because they believe that a deposit bond is as good as cash. Furthermore, they believe that a deposit bond can be used as a substitute for a cash deposit. Most real estate contracts require the payment of a deposit, usually 10%. This amount is usually specified as...

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When Does The 3 Day "Cooling Off" Period Start?

Posted on May 4, 2007 by | 1 Comment
Most purchasers believe that the 3 day “cooling off” period starts when the vendor signs the purchaser’s offer. This is quite wrong. The “cooling off” period commences as soon as the purchaser has signed the contract and submitted it to the estate agent or the vendor’s representative. The fact that “cooling off” starts with the purchaser’s signature has serious implications. What if the purchaser signs and submits an offer and hands it to the estate...

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Beware When The REIV Offers Legal Advice

Posted on May 4, 2007 by | 0 Comments
Chief executive office of the Real Estate Institute of Victoria (REIV), Mr. Enzo Raimondo demonstrates the problem of estate agents offering consumers what amounts to legal advice, and getting it very wrong. First, let us establish the fact that if an official of the REIV makes a statement that he knows is incorrect, it may amount to misleading and deceptive conduct. If the statement is made in the belief that it is correct, and is...

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"Cooling Off" continued

Posted on May 4, 2007 by | 0 Comments
by Tim O’Dwyer Solicitor* When is a contract not a contract? Answer: when the law gives the buyer a right to “cool off” and cancel the contract. Time was, when only companies selling door-to-door would not know whether they actually had a sale until after their Mum-and-Dad customers’ statutory “cooling off” period passed. Nowadays in most parts of Australia residential property buyers may validly terminate “signed-sealed-and-delivered” contracts for any reason whatever during the “cooling off”...

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When Estate Agents Offer "Discounts" On Clients’ Properties

Posted on May 4, 2007 by | 0 Comments
An interesting item went to air on “A Current Affair” a short time ago (Channel 9, 6.30 pm Monday 3 October, 2005), in which estate agents told of price reductions in real estate. Examples of these price “reductions” are a property listed at $520,000 being “reduced” to $450,000 and another originally listed at $419,000 now being offered at $326,000. Let’s assume that a property valuer initially valued each of the properties at “current market value”....

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When “Consumer Affairs” Engages In Misleading & Deceptive Conduct

Posted on May 4, 2007 by | 0 Comments
Consumer Affairs Victoria (CAV) is regarded by consumers as something of a guardian angel. But what if those white fluffy CAV wings turn out to be attached, not to a soaring supernatural protector, but to an earth-bound and very lame duck? Just take a look at the CAV booklet titled, “Real Estate – A Guide For Buyers and Sellers“. This publication has been promoted through expensive advertising campaigns in the print media, on the CAV...

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Some Free Cheese In The Mouse Trap

Posted on May 4, 2007 by | 0 Comments
OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd  The website of Whatpricemyhouse.com advertises to consumers who want to know the “price” of their home, but here’s what it tells estate agents: “Here’s How Any Real Estate Agent Can Trade-InTheir 80-Hour-A-Week Job, and instead … Work Only 25 Hours A Week Sitting On Their Bum (At Home Or On Holiday) … And Still Pull In $200,000-$300,000 A Year –...

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Wrap Gone Wrong

Posted on May 4, 2007 by | 0 Comments
by Tim O’Dwyer Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au Lynette Kent is not your usual wrap victim. The ultimately disastrous deal, which this aged pensioner got into, was also not your regular rent-buy wrap… …wraps may be good things to stay out of – whether you are a wrapper or a wrappee. Continue reading “Wrap Gone Wrong”

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