FYI, may be the start of something good. From todays SMH.
Peter 147
Real estate agent fined for deceptive conduct
February 7, 2005
In a fair trading first, a Sydney real estate agency has been fined more than $14,000 for understating the estimated price of a house to prospective buyers.
The agency was caught out after several people who attended the auction complained that the house fetched as much as $400,000 over what had been quoted to them as an estimate.
The house, in the upmarket north shore suburb of Lane Cove, was auctioned for $1.535 million by the company Sandra Peach Real Estate Pty Ltd, trading as Ray White Lane Cove.
However, complainants to NSW Fair Trading said they had been quoted as much as 36 per cent below that.
On the back of the estimate given by the agent, one prospective buyer had paid for a building inspection, thinking the house was within budget.
NSW Fair Trading Minister John Hatzistergos yesterday said Sandra Peach Real Estate Pty Ltd had been fined $9900 under new provisions in the Property, Stock and Business Agents Act.
The agency's director, Sandra Peach, was fined $4400 for understating the estimated sale price of the property.
It was the first time an agent had been disciplined for misrepresenting the price of a property, Mr Hatzistergos said.
Fair Trading investigated the agency after being contacted by prospective buyers who had inspected a property in Lane Cove which the agency was selling at auction.
"Despite the estimated selling price of the property being recorded on the sales inspection report and auction agency agreement at around $1.5 million, Ms Peach or her representatives had suggested to a number of interested parties that the estimated selling price was significantly lower than the recorded figure," Mr Hatzistergos said.
"The price stated to the prospective buyers varied between $1.1 million and $1.4 million, and one consumer paid for an inspection report thinking they were in the right price range for their budget."
A number of people who attended the auction contacted Fair Trading to complain after the property sold for $1.535 million, he said.
Peter 147
Real estate agent fined for deceptive conduct
February 7, 2005
In a fair trading first, a Sydney real estate agency has been fined more than $14,000 for understating the estimated price of a house to prospective buyers.
The agency was caught out after several people who attended the auction complained that the house fetched as much as $400,000 over what had been quoted to them as an estimate.
The house, in the upmarket north shore suburb of Lane Cove, was auctioned for $1.535 million by the company Sandra Peach Real Estate Pty Ltd, trading as Ray White Lane Cove.
However, complainants to NSW Fair Trading said they had been quoted as much as 36 per cent below that.
On the back of the estimate given by the agent, one prospective buyer had paid for a building inspection, thinking the house was within budget.
NSW Fair Trading Minister John Hatzistergos yesterday said Sandra Peach Real Estate Pty Ltd had been fined $9900 under new provisions in the Property, Stock and Business Agents Act.
The agency's director, Sandra Peach, was fined $4400 for understating the estimated sale price of the property.
It was the first time an agent had been disciplined for misrepresenting the price of a property, Mr Hatzistergos said.
Fair Trading investigated the agency after being contacted by prospective buyers who had inspected a property in Lane Cove which the agency was selling at auction.
"Despite the estimated selling price of the property being recorded on the sales inspection report and auction agency agreement at around $1.5 million, Ms Peach or her representatives had suggested to a number of interested parties that the estimated selling price was significantly lower than the recorded figure," Mr Hatzistergos said.
"The price stated to the prospective buyers varied between $1.1 million and $1.4 million, and one consumer paid for an inspection report thinking they were in the right price range for their budget."
A number of people who attended the auction contacted Fair Trading to complain after the property sold for $1.535 million, he said.
