Agent Developer & Investor

6
Jul

“Unfair” terms: new ADL & REIQ contracts. What kind of animal? Will changes bite agents?

The new house & land editions from both providers have new clauses for building & pest inspection; default; and compliance with statutory notices. The building and pest clauses (clause 4 in ADL & REIQ) no longer provide for a buyer being deemed satisfied if it does not notify to the contrary. Both standard form contract terms now operate in the

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6
Jul

Aaargh! New hurdles for agents, developers & landlords to TACL

The real estate industry will very soon have a new set of hurdles to jump . The Australian Consumer Law (TACL) which voids unfair terms in “standard contracts” will start

22
Feb

Flour Mill Developer Caught By Plummeting High-Rise Values

A developer who defaulted on the purchase of a $25m condominium project at the historic Albion Flour Mill site has been ordered to pay the vendor millions in compensation for the collapsed deal. Fridcorp Group – operated by developers Paul Fridman and Chris Roche – signed up to buy the 12 lot FKP site in July 2015. The company’s $400m

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25
Jul

Punctuation mark invalidates personal guarantee

Credit account applications commonly contain – in the case of companies – a director’s guarantee. Frequently the guarantee is in the form of a very brief “add-on” that holds the signer liable as guarantor, if they happen to be a director or shareholder. Such was the case of a western NSW landscaping company whose truncated version simply stated “if I

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24
Jul

Informal commercial lease format opens up battle on permitted use and rent

A landlord specified the permitted use for an auto repair premises at Moss Street, Slacks Creek as “storage” to better suit his insurance requirements, claimed tenants who also argued their agreed rent was $2.9k per annum. Three months after Nicholas Rigney and Matthew Mahment signed on for their three-year sublease in December 2016, they notice the lessor to them was not

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23
Jul

Neighbour stops development over crane boom airspace trespass

Construction of an inner-city apartment development has been brought to a standstill afteran injunction was granted preventing a tower crane from oversailing the home of adjacent occupiers. Hadyn Janney and Carol Foti voiced their safety concerns to developer Steller Pty Ltd immediately on receipt of its notification the crane would be operational for at least half of the 12 month

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22
Jul

EFT deposit due “on signing” hits account the next day. Can seller terminate?

It didn’t take long for the Red Rock Realty agent to get her seller’s signature on the buyers’ offer. An email to buyers Joshua Long and Vanessa Wilson followed shortly after with a copy of the contract at around 2 pm. The reference schedule for the Springwood sale amended the usual requirement for payment of the deposit from “on the

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9
Jun

Property manager appeals “biased” tenant repair reimbursement ruling

A Brisbane agent has successfully appealed the “substantial injustice” of a tribunal ruling thatrequired a tenant to pay less than 15% of repair costs incurred on behalf of her residential landlord client. Living Here Wilston filed a claim in the Queensland Civil and Administrative Tribunal for the recovery of a total of $7.1k against tenant William Clunesino for repairs, outstanding

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7
Jun

Directors sued over lease guarantee to prior landlord 20 yrs on

The former directors of a food-service business who sold down their shares to a new operator have been sued for the buyer’s rent arrears under a personal guarantee they signed 20 years earlier in favour of the property’s former owner. Anthony Rich acquired the Rocklea warehouse from West Pacific Properties in July 1998. Just two weeks earlier the vendors had granted a

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5
Jun

Developer must pay: option marketer wins $5.5mil for pushing units

An agency appointed for the exclusive marketing of a suburban high-rise into its predominantly Chinese clientele has received an average 14% commission on the sales. The May 2012 terms allowed the developer to compel Property Investors Alliance to buy all 16 one-bedroom units within 30 days of registration of the community title plan at a total base price of $7.2

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