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 Peter Mericka B.A., LL.BReal Estate Lawyer Qualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd As any lawyer or conveyancer will confirm, a contract may have to be cancelled for a variety of reasons, even after it has become unconditional. But what if the estate agent has already spent the commission? Lawyers and conveyancers often have a battle on their hands if a purchaser client needs to cancel the contract, or a vendor...
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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 Shannyn HunterConveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing Imagine my client’s glee when he received pre-approval for a loan to buy his first home. The broker had found him a low rate – he hadn’t been able to borrow enough from the major lenders – and had promised the world. Fast forward three months, and he’d missed several days of work to satisfy the banks requirements, and was at risk of losing the property twice due to the...
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by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au A solicitor mate of mine, Chris Bridge, recently had two celebrations: thirty years of legal practice and his first (possible) win with Queensland’s Office of Fair Trading. Queensland has no statutory equivalent to Section 27 of Victoria’s Sale of Land Act (for early deposit releases) as mentioned in Peter Mericka’s article “Early Release of Deposit”. Here it is quite uncommon for the parties to...
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This was our very first posting on the Australian Real Estate Blog, almost a year ago. We reproduce it for two reasons. First, the problem has become worse. Second, a recent experience suggests that the holding deposit is being used to penalise purchasers, and creates an opportunity for theft. Holding Deposits – There’s No Such Thing! by Peter Mericka B.A., LL.BA client recently engaged me to act for her in submitting her offer and negotiation...
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by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate We have argued that real estate commissions are a major cause of corruption in the real estate industry. But what if the drive for commission is intensified? What if the estate agent has spent the commission in advance, and fears that the sale may collapse? It is the common experience of lawyers and conveyancers that estate...
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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...
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