Honesty,COs Best Policy in Property Deal
AS A director of Pacific Law, Calvin Kong focuses on business law including leasing, franchising and conveyancing.
This week Calvin also gives an insight into the Hilton case of 2006.
Should a prospective purchaser be informed when a death or traumatic event has taken place at a property listed for sale? If a buyer was not advised prior to going to contract, what would the implications be?
THERE are no clear rules, laws or regulations on what a seller or agent must tell a buyer as Queensland Property law still relies on C[pounds sterling]caveat emptorC[yen] or C[pounds sterling]buyer bewareC[yen].
That said, a real estate agents failure to disclose a triple murder in the C[pounds sterling]HintonC[yen] case in New South Wales in 2006 caused significant debate.
Although the buyer was ultimately released from the contract by the seller due to the publicity, the legal commentary tried to balance the risk of Cyopening the floodgates for buyers to avoid contracts against the need to ensure buyers are made aware of material facts regarding the property that should have been disclosed. …