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OPINIONby David MorrellReal Estate Buyers' AdvocateDirector Morrell & Koren
Right now the real estate auction system is on the ropes because the market has tanked; but its problems run deeper than that. The elephant in the room is whether the auction system itself is working in vendors’ best interests.
The agents make the ...
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Opinion by Neil Jenman Consumer Advocate
For many years, the Real Estate Institute of Victoria (REIV) has misled and deceived real estate consumers. Whether it be trying to justify (or deny) dodgy practices such as false price quoting or whether it's brushing-aside common claims of widespread dishonesty, as far as real estate bodies go, they ...
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It is common for estate agents to withhold the Section 32 Vendor's Statement until the last minute, sometimes until the day of the auction, to ensure that purchasers don't get too much of an opportunity to ask questions or investigate problems. For example, a property being auctioned because of contamination may not generate and maintain ...
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OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd
Estate agents have a marvelous talent for redefining words so that their everyday meaning is distorted to the point that they become oxymorons. The use of the word ''transparent'' by Real Estate Institute of ...
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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 ...
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by Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd
The Real Estate Institute of Victoria (REIV) has been forced to come clean, and to admit to consumers that ''...no binding contract exists until the successful bidder and the vendor have signed a contract.'' A ...
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by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate Most real estate consumers are aware that real estate contracts are biased heavily in favour of the vendor, and contain a minefield of terms and conditions. But very few realise that some contracts contain ''booby traps'' that can do ...
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by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate “Auction turns to scuffle” is the title of an article by David Nankervis of the Adelaide Sunday Mail (p.36). The article describes how police were called to a house auction after a clash erupted between a bidder and the auctioneer. The ...
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From domain.com.au ''Tougher dummy bidding laws were introduced to the real-estate industry last weekend on one of the year's busiest auction days last Saturday.'' But contrary to what Fair Trading Minister Diane Beamer suggests in the article, we do not believe that increased penalties enhance consumer confidence in auctions or the real estate ...
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This warning is prompted by the number of “dud” properties being screened off through our pre-contract advice service. One was a property with “subdivision issues”, and another was weighed down by a covenant that required the owner of the property to refrain from objecting or inviting or assisting or financing any other person to object to the use ...
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