Re: Property purchase by a relative of the agent2
Oct 04, 2010 3:10 pm
I want to purchase a property for my sister that is listed through the agency where I'm employed, what must I do?
There is nothing wrong with purchasing like this so long as your relationship has been declared and a proper price negotiated. The buyer would still have to pay agents fees etc.
PD Brookvale 50
Re: Property purchase by a relative of the agent3
Oct 04, 2010 3:13 pm
In NSW doesn't the agency need to market 'Agent Interest' or something along those lines? Are you actually 'buying' it for her?
If she is buying it herself, and you're not the actual agent for this home (thus won't be involved in the transaction), then I don't think there is much to worry about with regards to conflict of interest.
I'm sure the licensee at your agency would be the best person to speak with though, as they could probably advise you of both the legal requirements or guidelines in regards to agent interest.
Re: Property purchase by a relative of the agent4
Oct 04, 2010 3:31 pm
If you are purchasing the property, ( In Victoria) you must apply to purchase the property. Try google-ing "Estate Agents Act 1980 Victoria". It is covered under section 55. It also depends on your position in the agency.
As mentioned above, if you are unsure speak to the officer in effective control.
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