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Real Estate agents’ commissions under threat! Vendor’s able to claim back fee’s due to non-compliant REIV form.

Real Estate agents’ commissions under threat! Vendor’s able to claim back fee’s due to non-compliant REIV form.

Real Estate agents’ commissions under threat! Vendor’s able to claim back fee’s due to non-compliant REIV form. 2000 1000 Olivia Terziovski

“Thousands of Victorian estate agents could be forced to pay back hundreds of millions of dollars in commissions after they used contractual documents sold by the Real Estate Institute of Victoria (REIV) and approved by Consumer Affairs Victoria (CAV) that did not comply with state real estate laws.

The 82-year-old industry body, which represents 5000 estate agents in Victoria, had for years sold Exclusive Sales Authority (ESA) forms – a legally binding contract giving the agent the authority to sell a vendor’s home and be paid commission and any other outgoings such as marketing and advertising costs.

Unbeknownst to many of its members, the REIV’s ESA form included an altered statement on rebates that was approved by state’s consumer watchdog, but was different from the exact wording of the Estate Agents Act.”

by Larry Schlesinger, Financial Review, May 14, 2018
http://www.afr.com/real-estate/residential/vic/estate-agents-commissions-under-threat-after-real-estate-institute-of-victoria-blunder-20180511-h0zyb6

 

If you’re a Real Estate Agent and you believe you have used the Exclusive Sales Authority (ESA) form in question, please contact Boutique Lawyers today on 1300 556 140 for a free 30 minute consultation to go over your matter.

Olivia Terziovski

Olivia’s in-depth background in building and construction law puts her in a unique position to be able to help clients through building disputes, property and planning cases. She is dedicated to finding the best way to help clients, whether conventional or unconventional, and has been known to achieve outstanding results with little more than a phone call. Olivia’s passion is partly due to a love for law, but also based on a personal experience in a serious building dispute. Her dedication ensures that clients have all the information they need, not only to understand their situation and their options, but to chart a course forward.

All stories by: Olivia Terziovski