The crusading Melbourne buyer’s agent David Morrell has been told his suspicions regarding the $2.75 million sale of a Malvern East home were misplaced. Following the 20 September auction, Morrell lodged a complaint with the Foreign Investment Review Board (FIRB) asking it to investigate what he believed had been a breach of FIRB rules. But John Bongiorno, director of Marshall White, has advised the buyer was an Australian citizen. He said Morrell was being divisive. “Just because...
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A Canberra family who say they unwittingly bought a Mr Fluffy home is suing the government for $2.46million in what could become a landmark case in the ACT. The lawsuit, understood to be the first of its kind, is a clear signal the Mr Fluffy crisis could spill over into the ACT court system. The family purchased the Forrest home for $1.87 million in November 2008 and spent a further $590,000 on renovations. But they...
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Bank agrees to compensation payout as part of legal action by Asic and borrowers who were caught up in 2009 scandal. The Bank of Queensland will pay $17m in compensation to customers caught up in the Storm Financial scandal. The bank agreed to the payout as part of a settlement of legal action brought by the corporate watchdog and borrowers who were advised by Storm before its collapse in 2009. The gross payment by the...
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MANY mortgage customers are opting for interest-only repayments on their own homes and failing to pay off any mortgage debt despite rates hitting their lowest ever levels. A large portion of borrowers are failing to make any headway into their borrowings by choosing interest-only repayments in what experts say is a dangerous move that could lead them to financial trouble when rates do rise. ING Direct figures show about one quarter of owner occupiers taking...
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Former principal of The Strata Agency, Rachael Jena Kwaregen, has been sentenced to 15 months in prison with a non-parole period of nine months after pleading guilty earlier this year to stealing over $1 million from her strata clients. The former Sydney agent headed the strata management company that collected levies from approximately 5,500 property owners across 240 Sydney-based apartment and commercial buildings. Kwaregen had her licence cancelled in late-January and was disqualified from holding...
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An unlicensed Brisbane real estate agent has been ordered to pay over $134,000 in fines and compensation after charges were bought by the Office of Fair Trading (OFT). Ms Alisa Phyllis Davies of Arana Hills pleaded guilty to one count of acting unlicensed as a real estate agent and was fined $6,000. Jenas Realty Pty Ltd, of which Ms Davies was sole director, was found guilty and fined $70,000 for misappropriating trust money and a...
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There is something wrong with auctions. Informed consumers hate them, industry commentators condemn them, and governments have failed to legitimise them. The following hyperlinks will help consumers to understand what is wrong with auctions, and what steps they can take to protect themselves in auction situations. The auction process in Victoria is a farce. Recent legislation passed by the State Government has failed to protect consumers, and will succeed only in making auctions appear more...
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Lawyers Conveyancing provides conveyancing services to consumers who are making their way through the real estate maze, particularly those who are buying or selling for the first time. As a community service, articles and updates on issues such as real estate auctions, buying, selling, and the law relating to contracts and Section 32 Vendor Statements sourced by Lawyers Conveyancing are presented as a newsflashes. Here is another article for your information and comment: A mortgage broker used...
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Lawyers Conveyancing provides conveyancing services to consumers who are making their way through the real estate maze, particularly those who are buying or selling for the first time. As a community service, articles and updates on issues such as real estate auctions, buying, selling, and the law relating to contracts and Section 32 Vendor Statements sourced by Lawyers Conveyancing are presented as a newsflashes. Here is another article for your information and comment: A prominent Chinese property...
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Lawyers Conveyancing provides conveyancing services to consumers who are making their way through the real estate maze, particularly those who are buying or selling for the first time. As a community service, articles and updates on issues such as real estate auctions, buying, selling, and the law relating to contracts and Section 32 Vendor Statements sourced by Lawyers Conveyancing are presented as a newsflashes. Here is another article for your information and comment: A “self-pitying” Hawkes Bay...
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