OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd The new Contract of Sale of Real Estate prescribed by the Estate Agents (Contracts) Regulations 2008 was supposed to end the dodgy practice of estate agents withholding terms and conditions from purchasers, but it hasn’t. The document designed by the Real Estate Institute of Victoria (REIV) allows estate agents to trick purchasers into believing that they have received “the...
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OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd The document known in the real estate industry as “the standard REIV Contract Note” has been banned. As from 28 September, 2008 the only document available to estate agents will be the standard form of contract prescribed by the Estate Agents (Contracts) Regulations 2008 or a contract prepared by a Legal Practitioner or a Licensed Conveyancer. Contract Note –...
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OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd Hot on the heels of the contract switchers at Barry Plant Real Estate Croydon comes Ranges First National Real Estate of Belgrave. But things get much worse when the switching of contracts is compounded with lies and threats as part of an attempted cover-up. The contract switch As usual (see other postings on contract switching), we told the Ranges...
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OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd According to Chris Vedelago, writing for The Age newspaper, “Falling sales levels and the prospect of a weaker market has led more than one in 10 real estate companies to consider selling up…The number of companies looking to move out of real estate has quadrupled…The Real Estate Institute of Victoria says agency revenues have dropped 20%.” When things get...
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OPINIONby Neil Jenman Consumer Advocate A former Ray White franchise agent, John Michael Talia, has been convicted of obtaining property by deception. Last Thursday (August 14, 2008), after the guilty verdict was read out in the Victorian County Court, John Talia was remanded in custody. Locked up. Well done prosecutors. It’s about time that agents who rob the naïve and the elderly were properly punished – and the proper punishment for agents such as John...
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by Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au Walk away to bid another day – but not before the auction is over. Picture yourself as a duly registered, cashed-up bidder at the auction of a seaside mansion. Bidding starts at $6.5 million. You join in as bidding progresses to $7.5 million. Then the auctioneer announces that the property is “on the market” – meaning that the reserve price has been reached and any higher bid will,...
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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 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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by Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au The letter below recently came to me in the mail from a nearby estate agency. This agency happens to be part of a national real estate franchise which proudly boasts “offices throughout Australia, New Zealand and Asia-Pacific”. Needless to say, I am certainly not a client (“valued” or otherwise), nor any sort of friend of this agency. Just like many unsolicited offers, which constantly bombard us all,...
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by Tim O’Dwyer M.A., LL.BSolicitorConsumer Advocate watchdog@argonautlegal.com.au Consumer advocate Neil Jenman has long used his website to alert real estate consumers, particularly first time property investors, to real estate scams and scammers. He fearlessly names individuals and companies he believes are acting dishonestly and deceptively. Some property investors, who have dealt to their detriment with those exposed by Mr Jenman, come across his frank revelations only afterwards. Lucy Young, of Ringwood North, Victoria, was...
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