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Advising on the sale of aged care facilities April 10, 2018

There has been a significant period of consolidation in the healthcare industry, particularly in residential aged care. The operating environment is challenging, with high levels of regulatory scrutiny and minimal recent growth in Commonwealth funding. … Continued

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In good hands: Maddocks advises on physio business acquisition April 11, 2018

Wednesday 11 April 2018 Maddocks has advised Zenitas Healthcare Limited on its acquisition of the Agewell Physiotherapy business. Agewell is a mobile physiotherapy provider servicing residential aged care facilities, retirement villages and communities in New … Continued

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The right to use plans prepared by a design consultant: the devil is in the detail April 11, 2018

When a design consultant (such as an architect or engineer) brings their plans or designs into material form, copyright will usually subsist in those documents as an artistic work. The designer owns that copyright unless … Continued

A warning for agents – how to avoid underquoting

Consumer Affairs Victoria (CAV) commenced proceedings in the Federal Court last week against real estate agency Hoskins Maroondah (Hoskins) and its director, alleging, among other things, that Hoskins underquoted on the sale of 26 properties between 2015 and 2016.

The proceeding against Hoskins comes less than a week after the Federal Court imposed a penalty of

  • $160,000 on Manningham Property Group, trading as Hocking Stuart Doncaster, for underquoting on 9 properties; and
  • a record $880,000 on Fletcher & Parker Balwyn for misleading and deceptive conduct relating to underquoting on 22 properties.

This provides a stark reminder to real estate agencies to be aware of their responsibilities under the Estate Agents Act 1980 (Vic). In light of the ongoing investigations by CAV’s underquoting taskforce, agents must remember to:

  • ensure any estimated selling price is reasonable
  • notify the seller and revise the estimate if the agent becomes aware that the estimate is unreasonable
  • prepare a statement of information about residential properties they are selling
  • ensure that representations made to prospective purchasers do not contain prohibited terms, for example, using modifiers such as ‘starting at’ or ‘+’.

The above are key changes to the underquoting provisions in the Estate Agents Act 1980 (Vic) which came into effect on 1 May 2017.

More information

For further information on the amended underquoting provisions, please read our previous blogs,  The final piece in the underquoting puzzle – Parliament passes legislation to address underquoting and Underquoting under scrutiny – real estate agent penalised for underquoting.

Further assistance

Our lawyers are highly skilled in property transactions, dispute resolution and compliance with regulatory obligations.

If you require any assistance, please contact a member of our Dispute Resolution & Litigation or Property & Development teams.

Author
BRENDAN DUKE 5CM B&W JPG 2013 Brendan Duke | Lawyer
Tel +61 3 9258 3391
brendan.duke@maddocks.com.au

Consumer Affairs Victoria (CAV) commenced proceedings in the Federal Court last week against real estate agency Hoskins Maroondah (Hoskins) and its director, alleging, among other things, that Hoskins underquoted on the sale of 26 properties between 2015 and 2016.

The proceeding against Hoskins comes less than a week after the Federal Court imposed a penalty of

  • $160,000 on Manningham Property Group, trading as Hocking Stuart Doncaster, for underquoting on 9 properties; and
  • a record $880,000 on Fletcher & Parker Balwyn for misleading and deceptive conduct relating to underquoting on 22 properties.

This provides a stark reminder to real estate agencies to be aware of their responsibilities under the Estate Agents Act 1980 (Vic). In light of the ongoing investigations by CAV’s underquoting taskforce, agents must remember to:

  • ensure any estimated selling price is reasonable
  • notify the seller and revise the estimate if the agent becomes aware that the estimate is unreasonable
  • prepare a statement of information about residential properties they are selling
  • ensure that representations made to prospective purchasers do not contain prohibited terms, for example, using modifiers such as ‘starting at’ or ‘+’.

The above are key changes to the underquoting provisions in the Estate Agents Act 1980 (Vic) which came into effect on 1 May 2017.

More information

For further information on the amended underquoting provisions, please read our previous blogs,  The final piece in the underquoting puzzle – Parliament passes legislation to address underquoting and Underquoting under scrutiny – real estate agent penalised for underquoting.

Further assistance

Our lawyers are highly skilled in property transactions, dispute resolution and compliance with regulatory obligations.

If you require any assistance, please contact a member of our Dispute Resolution & Litigation or Property & Development teams.

Author
BRENDAN DUKE 5CM B&W JPG 2013 Brendan Duke | Lawyer
Tel +61 3 9258 3391
brendan.duke@maddocks.com.au