by Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au Brisbane conveyancing solicitor Chris Bridge became concerned when he noticed that his buyer client’s contract included a special condition authorising the pre-settlement release of the selling agent’s commission. Such a “pre-draw” practice may be legal elsewhere if the contracting parties agree, but not in Queensland where Section 385 of the Property Agents and Motor Dealers Act (PAMDA) permits agents to take commissions from their trust accounts only...
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by Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au After firing more than a few verbal bullets over recent months at Queensland’s Attorney-General (and Fair Trading Minister) Kerry Shine in The Courier Mail and Gold Coast Bulletin newspapers, on ABC radio and here in the Australian Real Estate Blog, I finally got a response (of sorts). The critical issues, of course, had been the largely unregulated role of legally unqualified real estate agents in the preparation...
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by Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au Last week I received this email: “Tim, I was wondering if you could help me with a strange clause. A woman wants to purchase a property for $500,000. She wants to get extra money from the banks to cover deposit, so this is what she proposes: Contract Price: $670,00030% deposit (deposit is not physically paid, but sellers acknowledge that the deposit has been) Then at settlement, she pays the...
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by Peter Mericka B.A., LL.BReal Estate Lawyer Qualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd “Real Estate Agents Preying On Battlers” is the title of an article appearing on the ABC news website. I invite visitors to read the item for themselves, but it is a comment to this item that I find particularly interesting. Way down the list of 37 comments to the article is one by a contributor known as Rel. ...
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by Shannyn HunterConveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing On Monday morning purchasers can experience a real estate hangover. After a weekend of elation at finding their dream house and pressure from the agent to make an offer, with hesitation they sign on the dotted line and their concerns about legal advice are pushed aside. They are locked into a contract. Unfortunately, the emotive attachment that causes you to buy a property can also cause you to forego certain...
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by Peter Mericka B.A., LL.BReal Estate Lawyer Qualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd High-profile Melbourne real estate agent Ian Reid has copped some heavy criticism in the past over his Gazumping Clause and his Finance Clause. However, it seems that Ian Reid can be a straight-shooter when it comes to exposing his fellow estate agents. Ian Reid of Ian Reid Vendor Advocacy has become well-known to Melbournians through his radio and...
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by Peter Mericka B.A., LL.BReal Estate Lawyer Qualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd Continuing our theme on estate agents and their control over the contract stage of the sale transaction, the following is an extreme example of the way estate agents are empwered by their access to the contract, and how some will use that power to the detriment of all parties involved. David Falk is a real estate agent in...
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by Peter Mericka B.A., LL.BReal Estate Lawyer Qualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd Many, if not most, lawyers and conveyancers play along with the pretence that it is the role of the estate agent to advise the purchaser and the vendor on contract law, and to prepare and execute the contract of sale on behaof of both parties. It would appear that lawyers and conveyancers have found that it is cheaper...
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by Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au Queensland’s Office of Fair Trading has lost, and lost badly, a landmark case mounted in the Commercial and Consumer Tribunal against Gold Coast solicitor Donald Dickie. The implications of this decision, which Fair Trading decided not to appeal, are likely to significantly affect residential property sales and conveyancing practices across Queensland. Attorney-General Kerry Shine, the Bligh Government’s minister responsible for the Fair Trading portfolio, may need to...
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by Peter Mericka B.A., LL.BReal Estate Lawyer Qualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd It’s not often that I have to agree with the Real Estate Institute of Victoria (REIV), but they have a point when they question the competence and resolve of Consumer Affairs Victoria (CAV). In an article titled “Real estate agents revolt over underquoting” (The Age 22 November, 2007) Ben Schneiders observes: “Victoria’s real estate industry has moved to...
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