Long Overdue: Regulation Of Finance & Mortgage Brokers

Posted on April 30, 2007 by | 0 Comments
  by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au It has been almost two years since the release of the Ministerial Council of Consumer Affairs’ Discussion Paper detailing options for a national regulatory scheme for finance and mortgage brokers. On Monday this week ABC Radio’s The World Today programme reported on what it described as “the miserable and sad end of the property boom in some Australian cities.” Easy money and climbing...

Continue Reading »

Scam! That Innocent Phone Call Offering To Help You

Posted on April 30, 2007 by | 0 Comments
Currently, there are at least one hundred active wealth spruikers in Australia. All have one aim – to make themselves richer by making you poorer. An article from the Jenman website. Most use a similar method of enticement (or ‘bait’) to entice you into their lair. Their scams usually start with a phone call which will mention something that appeals to the average family – ‘reduce tax’, ‘prepare for retirement’, ‘no obligation’ – and so...

Continue Reading »

Scouting Agents

Posted on April 30, 2007 by | 0 Comments
      by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au How to make a sale and collect a commission…when a property’s NOT for sale! The basic real estate rule across Australia is that a licensed agent is entitled to be paid commission on a property sale provided the owner has engaged the agent in writing for that purpose. It is not unknown for agents to make sales first, then later secure...

Continue Reading »

Conveyancing Solicitor Suspended

Posted on April 30, 2007 by | 0 Comments
OPINIONby Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au  Gold Coast solicitor Douglas McClelland, who charged conveyancing fees seven times higher than some other solicitors, has had his Practising Certificate suspended for four months. While cut-price Queensland law firms currently advertise buyers’ fees from as low as $350, McClelland charged 27 clients buying investment properties $2,500 per transaction. After investigation by the Queensland Law Society for the Legal Service Commissioner, no disciplinary action was taken against him...

Continue Reading »

Trust This Agent With Your Money?

Posted on April 30, 2007 by | 0 Comments
Would you trust an estate agent who is so desperate for cash as to resort to borrowing against future commissions? What lengths would such an agent go to in order to prevent the loss of a sale if the commission has been spent in advance? We have already commented on the concept of Commission Factoring in a previous posting, but it seems that more money lenders are getting into this apparently lucrative area. V.I.P. Cashflow...

Continue Reading »

Bully Banks Cost Battlers $Millions

Posted on April 30, 2007 by | 0 Comments
by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate For some time now a number of banks and non-bank lenders have been promoting themselves as “the battler’s buddy”, while illegally forcing their clients to pay for costly certificates. We believe that over the past decade these bully banks and their lawyers have fleeced their borrower clients of $Millions. It’s a clever scam, because it avoids the disclosure requirements...

Continue Reading »

Open For Inspection – Invitation For Theft

Posted on April 29, 2007 by | 0 Comments
Reports of burglary and theft associated with property inspections conducted by real estate agents indicate that thieves are relying on estate agents to provide easy access homeowners’ valuables. Thieves no longer have to rely on jemmy bars to gain access to homes. Estate agents are providing easy access to valuables for clever thieves who “shop on the internet” for theft opportunities. According the Sydney Morning Herald: “The topic of theft – and specifically thieves using...

Continue Reading »

Contracts – Find The Devil In The Detail

Posted on April 29, 2007 by | 0 Comments
Purchasers should take care before signing a contract to purchase real estate, particularly at auctions. Special conditions can be used to pass a vendor’s risk to an unsuspecting purchaser. We have shown that estate agents often insert nasty special conditions into contracts, but they’re not the only ones. Lawyers and conveyancers do it too. A purchaser, intending to purchase at auction, asked for pre-auction legal advice on a contract prepared by Davis Lawyers of Melbourne....

Continue Reading »

Early Release of Deposit

Posted on April 28, 2007 by | 4 Comments
by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate Enzo Raimondo, CEO of the Real Estate Institute of Victoria (R.E.I.V.) regularly provides consumers with his understanding of the law affecting the sale of real estate. Unfortunately, Enzo’s explanation of these laws is often quite limited, and his offering in the Domain section of The Age Saturday 28 April 2007, is a case in point. In his article Enzo...

Continue Reading »