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

“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.

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