Real estate agents must never mislead you and should always adhere to fair contract terms in line with federal, state and territory laws.
It is unlawful for real estate agents to:
· Mislead you intentionally
· Lead you to a wrong conclusion/impression
· Give a false impression
· Omit/hide important information ( ie disclaimers
in fine print)
· Make false/inaccurate claims
Real estate agents must do the following to reduce the
chance of misleading you:
· Disclose all relevant price information
· Advertise the selling price based on reasonable
market appraisal or what the seller is likely to accept
· Not make false claims about pricing
· Not advertise or under quote at a price
significantly less than the selling price
· Not make false claims about location,
characteristics or potential use of land
Sometimes agents might make false claims about price by:
· Advertise a property a ‘passed in” at a price
higher than what was bid at an auction
· Claim that the vendor has rejected offers more
than a buyer is willing to pay (and no such offers have been made)
· Advertise a property that is less than a
previously rejected offer ( unless the seller is prepared to accept the new
lower price)
When dealing with agents, make sure that the agent actually
has a licence and, conduct your own research, about the going rate for
properties in your areas, if necessary, seek an independent evaluation.
Read contracts carefully and get legal advice if you are
unsure about anything and NEVER sign blank sales authorities, contracts of sale
or rental agreements.
If things don’t feel right- they are probably not right.
Contact your local state or territory consumer protection
agency or seek legal advice.
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Jason Gwerder
Tuesday, 22 October 2019
