Estate Agent Referrals - Punishment & Corruption

OPINION by Peter Mericka B.A., LL.B Real Estate Lawyer Qualified Practising Conveyancer Victoria Director Lawyers Real Estate Pty Ltd I have previously written about estate agents who refer clients to "pet" solicitors and conveyancers in return for payment, and the corrupting effect this has on the industry. An equally insidious form of client referral is the "punishment referral". This is where the estate agent refers clients away from a lawyer or conveyancer as a form of punishment. Two separate...(read more)

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[Source: Australian Real Estate Blog]

The Finance Approval Minefield

by Shannyn Hunter Conveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing Anyone who has dealt with the banks for a home loan will tell you about their battle scars with pride. Simply securing finance approval can be a frustrating and baffling task. An anxious purchaser can be kept waiting for finance approval because the valuation has been delayed, the vendor has gone overseas, the valuation has been done but your documents are being processed, your broker is on leave, your call is important...(read more)

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[Source: Australian Real Estate Blog]

Contract Note Banned! Estate Agents Lose Deception Tool

OPINION by Peter Mericka B.A., LL.B Real Estate Lawyer Qualified Practising Conveyancer Victoria Director 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 A Deceptive...(read more)

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[Source: Australian Real Estate Blog]

Beware of Agents' Pet Building Inspectors!

OPINION by Tim O'Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au When will governments put in place stronger legislative measures to protect real estate consumers not only from self-serving real estate agents, but also from their own trusting natures? The story below from a school teacher client of mine, whilst ending happily, gives ample reason for a long-overdue legal prohibition on agents referring buyers to building inspectors, mortgage brokers, solicitors and the...(read more)

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[Source: Australian Real Estate Blog]

Latest "Clayton's" Finanace Approval Letter

by Tim O'Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au This latest "Clayton's" finance approval letter is hot off my fax machine. Last year I reported on an upbeat brokers keenness to show me that my clients finance had been approved - by way of a copy of a letter from the lending bank confirming that the loan application had been Unconditionally Approved. (see: Clayton's Finance Approval (The Approval You Have When You Don't Have Approval) ). Responsible conveyancing...(read more)

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[Source: Australian Real Estate Blog]

Victoria's Section 32 Statements - Tread Warily In This Conveyancing Minefield

by Tim O'Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au Victorias solicitors have been informed by their Legal Practitioners Liability Committee (LPLC) that their mishandling of property conveyancing is one of the most costly sources of clients negligence claims. Whether acting for vendors or purchasers, conveyancing solicitors have been warned to be especially careful regarding Section 32 Statements. Section 32 of Victorias Sale of Land Act 1962 requires vendors...(read more)

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[Source: Australian Real Estate Blog]

Be Cautiously Kind To Sellers' Agents

by Tim O'Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au Although agents use slogans like "Nobody does it better", "The right advice", "More personal attention" and "We'll look after you", they are really offering buyers something for nothing. At all times the agency s legal duty is to their clients, the sellers. The agent s prime job is to find a buyer at "the best possible price and contractual terms for the seller". The least expensive part of buying a home is the looking....(read more)

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[Source: Australian Real Estate Blog]