Jun 13, 2012
This is a case where the parties had entered into an agreement to develop and sell property. A Joint Venture Agreement (“JVA”) executed by the parties. At the time the agreement was signed a listing agreement was in force between Mr Gu and the company for which Mr Du worked.
As a real estate agent Mr Du was required to comply with the disclosure provisions of the Real Estate legislation.
Non compliance by Mr Du with ss 63 and 64 of the Real Estate Agents Act 1976 meant that Mr Gu could cancel the JVA.
THE MESSAGE HERE IS THAT THIS IS YET ANOTHER EXAMPLE OF A MEMBER OF THE REAL ESTATE INDUSTRY FAILING TO COMPLY WITH THE ACT WHICH GOVERNS THEIR INDUSTRY. PROPERTY LAW IS INHERENTLY COMPLICATED AND CONFUSING. LAWYERS ARE BETTER EQUIPPED TO DEAL WITH YOUR PROPERTY SALE THAN REAL ESTATE AGENTS.