INVESTING IN PROPERTY

Buying a home is one of the largest and most important investments people make. Some people are happy to do their own conveyancing but most buy through estate agents and use solicitors or conveyancers for the paperwork. There are traps for those who are not used to the procedures. In New South Wales, for example, Local Environmental Plans can effect the use of properties. Such matters are not recorded in the Land and Property Information Office and can usually be discovered only be experts.

Normally, real estate agents are appointed by, paid by and work for, the seller (vendor). While agents represent the seller and must act in the seller's interest, they can be liable for negligence, misrepresentation and misleading and deceptive conduct. The Real Estate Institute has a code of ethics to be followed by all of its members.

Complaints about the behaviour of real estate agents or auctioneers can be made to the Specialist Support And Services Unit of the Department of Fair Trading. Remember, the agent is the seller's - not the buyer's agent.

FLOW CHART FOR SALE OF PROPERTY

FLOW CHART FOR PURCHASE OF PROPERTY