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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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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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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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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The new financial year brings a fresh opportunity for first home buyers. If you have kids or grand-kids who will be looking to buy their first home sometime in the next decade, or you are still hoping to achieve that goal yourself, the Government’s new First Home Super Saver Scheme (FHSS) is an absolute no-brainer. http://www.switzer.com.au/the-experts/paul-rickard/a-no-brainer-for-first-home-owners20181904/ Peter Mericka B.A., LL.B – Australian Legal Practitioner, Consumer Advocate and Principal of Lawyers Real Estate Pty Ltd...
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An amusing, but not-so-far-from-the-truth examination of what often happens when lawyers stuff up. If you’re a lawyer DO NOT rely on the first set of tips! One of the dark and dirty secrets about practicing law is that attorneys sometimes make mistakes. That’s because, as you may be surprised to learn, there is a human being lurking inside of each of us. Overturned cases get cited as good authority, numbers get transposed, and that one...
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The author identifies areas that may be of interest to those considering investing in commercial real estate. According to the most recent data released by Colliers in their Metro Office First Half 2018 report, investment returns in metro office markets are at their greatest levels in over ten years, and annual effective rental growth in North Sydney, St Leonards and Chatswood in Sydney, as well as St Kilda Road and the Melbourne City Fringe has...
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Here’s an interesting rejoinder to what the author describes a the “hysteria surrounding the Royal Commission”. We’ve all heard the admissions of misconduct from major institutions at the Royal Commission, with their statements a sad reflection on the conduct and governance of the banks. Whilst these revelations have given the media their headlines, the reality is that the vast majority of lenders act with their customer’s best interests at the forefront of their thinking. http://www.switzer.com.au/the-experts/adrian-sheahan/the-royal-commission-a-loan-writers-perspective20181505/ Peter...
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There are plenty of reasons why people sell up and move, but with cheap money available it can make more sense to renovate the family home, as explained by Greville Pabst: The logic is, if you are purchasing a home for $1million, the buyer has to add a further $100,000 for stamp duty, legal costs, agents commission and other charges, if they have to sell an existing property and so on. For that amount...
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Commission is an inherently unfair method of remuneration, completely unrelated to the time, effort and skills associated with real estate sales. This is why carefully worded contract is needed to create an “entitlement” to the windfall that is commission. It will be interesting to see how this debacle plays out, and whether it will change the way salespersons in this industry are paid for what they do. Melbourne firm SLF Lawyers, which has issued...
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