Australian Property News

Investors scammed by couple fraudulently acting as selling agents

Posted on Friday, November 12 2010 at 9:01 AM

A couple has been fined $100,000 for selling house-and-land packages to property investors and falsely claiming to be licensed real estate agents, according to the Queensland Minister for Fair Trading Peter Lawlor.

In 2007 and 2008 the agents sold investment properties from a shopping centre display stand, deliberately misleading potential buyers by claiming that pools and air conditioning units were included in their building contracts, when this was not the case.

Investors were also falsely told that the builders offered rebates of up to $10,000 and that the houses would be completed in six weeks, when the actual construction time was four months.

The couple also falsely claimed to be licensed with the Real Estate Institute of Queensland when in fact it’s the Office of Fair Trading that issues the licenses.

Lawlor emphasised the importance of dealing with a licensed real estate agent when buying property.

To check an agent’s licensing credentials, consumers can conduct a free search at www.fairtrading.qld.gov.au