PHOTO: Melbourne real estate agents’ commissions could be at risk. Picture: Mark Stewart Source: News Corp Australia
VICTORIA’s property industry is embroiled in a legal saga over flawed contracts provided by the state’s real estate body that have placed “every” commission “at risk.”
Exclusive sale authority documents issued by the Real Estate Institute of Victoria and Consumer Affairs were missing a “clear, unequivocal requirement” that left agents who had relied on the contracts unable to claim their sales commission if vendors demanded it back.
The County Court ruled in August that a Ray White St Albans agent was not entitled to $385,000 commission after using the contract in a multimillion-dollar Keysborough sale.
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