Do estate agents have to tell you about other offers?
Do estate agents have to tell you about other offers?
Estate Agents can’t legally tell you how much the other offers were for, but they will usually indicate if they were close to the asking price, which can help to inform your own decision.”
Do agents lie about other offers?
But for agents in NSW, this is completely untrue. Legally, agents in NSW are allowed to disclose current offers to any other potential buyers. Agents are required to inform the seller of all offers made to purchase the property, but there is no law to prohibit the disclosure of offers to potential buyers.
Can Buyer sue seller after closing?
If the buyer discovers the defect after closing, the buyer can file a lawsuit. Purchase agreements typically have a clause that provides for the resolution of contract via mediation or arbitration. To be successful, however, the defect discovered by the buyer must be a “material” defect.
When does an agent breach his duty and secret profit?
If the agent directly or indirectly makes a profit by purchasing the property through a subagent or other party and the agent profits from the transaction on resale, that constitutes breach of his duty and a secret profit. In Blackham v Haythorpe(1917) 23 CLR 156 the agent was employed to sell land to the Crown.
Can a real estate agent be liable for a loss?
The agent would be liable for any loss suffered by the principal because of his/her negligent actions or breach of contract. However, the agent is not obliged to perform an act that is contrary to statute or illegal at common law. Example. An agent has been instructed to evict a tenant because the principal requires vacant possession.
Is the agent liable for any loss suffered by the principal?
The agent would be liable for any loss suffered by the principal because of his/her negligent actions or breach of contract. However, the agent is not obliged to perform an act that is contrary to statute or illegal at common law.
When is an agent not liable for a contract?
The principal is not liable in the absence of apparent authority or ratification. But the agent does not warrant that the principal has capacity. Thus an agent for a minor is not liable on a contract that the minor later disavows unless the agent expressly warranted that the principal had attained his majority.