PHOTO: The REIV is expected to pay more than $550,000 in damages
Victoria’s peak real estate body has lost a civil case in the County Court and is expected to pay more than $500,000 in damages after providing agents with flawed sales contracts.
The Real Estate Institute of Victoria has been ordered to pay the agent who had lost a commission after using a non-compliant contract to sell a property in Plumpton on Melbourne’s western fringe.
Consumer Affairs Victoria could now be dragged into the legal dispute because it approved the Exclusive Sales Authority contracts that failed to comply with the Estate Agents Act.
AUSTRALIAN PROPERTY NEWS – JOIN OUR 30,000 PLUS SUBSCRIBERS
READ MORE VIA SMH