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Young UK Homeowners Specifically Targeted By Fraudsters – Lesson for Aussies?

Posted on September 30, 2019 by | 0 Comments
First-time buyers and younger homeowners are at increasingly high risk of cyber crime. According to Experian, the number of financial applications made by third party fraudsters between January and June was 14% higher when compared with the same time in 2018. Third party fraud occurs when sensitive information is stolen from a person and used without their knowledge and against their wishes. This type of fraud is prominent online with cyber criminals using social engineering...

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How an 80-year-old vendor sold his home online

Posted on September 25, 2019 by | 0 Comments
It’s an unlikely pairing — an 80-year-old vendor and an online bidding platform that’s at the forefront of property sales. But that’s exactly what happened when Mint Real Estate, and founder of Openn Negotiation, Peter Clements met Cyril who was looking to sell the Claremont home his mother had lived in for over 70 years. Selling your home online at the age of 80… what could go wrong? Read the amazing story of Cyril, the...

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When Can Lawyers Or Conveyancers Act For Both Parties?

Posted on October 24, 2018 by | 1 Comment
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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Should conveyancing solicitors act for both parties?

Posted on October 24, 2018 by | 0 Comments
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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Reverse mortgage warning | Shed Connect

Posted on September 4, 2018 by | 1 Comment
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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Melbourne man facing expensive dilemma after buying home with illegal structures – ABC News (Australian Broadcasting Corporation)

Posted on September 4, 2018 by | 1 Comment
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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Alpha-male Estate Agents in Altercation – What Chance Does the Client Have?

Posted on July 12, 2018 by | 0 Comments
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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Should house hunters be told someone was murdered in the home they’re about to buy?

Posted on July 11, 2018 by | 2 Comments
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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Property Nerd | News | 2018-07-09

Posted on July 10, 2018 by | 0 Comments
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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Over a Third of ‘Millennials’ Reliant on Inheritance to Purchase Property

Posted on July 9, 2018 by | 1 Comment
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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