Invest
Cautionary tale for investors in dodgy agent’s ban
A real estate agent has copped a lengthy ban following his dodgy dealings with property investors, serving as a timely reminder for sellers and buyers alike to exercise caution with the professionals they deal with.
Cautionary tale for investors in dodgy agent’s ban
A real estate agent has copped a lengthy ban following his dodgy dealings with property investors, serving as a timely reminder for sellers and buyers alike to exercise caution with the professionals they deal with.
A real estate agent, Joseph Weng Kong Cheong, who forged signatures and prepared bogus listing and sales contracts has had his licence cancelled and has been banned from working in the industry in WA for 15 years.
The State Administrative Tribunal (SAT) reprimanded Mr Cheong and his company Easy Invest Pty Ltd, formerly based in Rivervale, and cancelled their licences as a result of disciplinary action taken by Consumer Protection, the Department of Commerce said in a statement.
Mr Cheong was found to have acted unfairly and dishonestly in breach of the Real Estate and Business Agents Act and the Code of Conduct for Agents and Sales Representatives in regard to the proposed sale of two properties in East Victoria Park and East Perth.
Mr Cheong and his company entered into legitimate ‘selling agency agreements’ with two property owners in August 2015, both providing for a commission of 2.2 per cent. Unknown to the owners, fake alternate agreements were drawn up which provided for a 3.2 per cent commission and the owners’ signatures were forged by Mr Cheong on the alternate contracts.
In October 2015, Mr Cheong drew up ‘offer and acceptance’ contracts using the names of bogus buyers which were never presented to the owners. The buyers’ names were randomly selected from the phone book. Mr Cheong forged the signatures of the bogus buyers and falsified the owners’ signatures to make it appear that they had accepted the offers.
The forged documents were then submitted to a finance company as part of an application for an advance on the 3.2 per cent commission. The company paid Mr Cheong a total of $30,339.82. Mr Cheong was not entitled to any commission as neither party to the contracts had actually signed them.
The SAT noted that Mr Cheong had repaid the finance company and the owners of the properties did not suffer any financial detriment as a result of his dishonest behaviour.
Acting commissioner for Consumer Protection David Hillyard said this was a case of serious dishonesty that warranted serious consequences.
“To carry out such an elaborate deception in two separate real estate transactions falls within the extremely serious scale of dishonest conduct and the SAT has shown that such behaviour will attract a serious penalty,” Mr Hillyard said.
“The lengthy ban is more than justified and should serve as a reminder to all real estate agents and sales representatives to act in an honest and transparent manner at all times in transactions involving the sale of property.
“I expect agents will uphold their fiduciary duty and always place the interests of their sellers above their own. Agents who fail to uphold this basic duty will be held accountable.”
Property
ANZ now expects house prices will end the year lower
With higher interest rates on the horizon, the bank is forecasting larger house price declines than previously expected. ...Read more
Property
Which capital cities are most attractive to property investors?
A new survey has suggested that investor attention is shifting away from Australia’s two largest capital cities. ...Read more
Property
Market uncertainty fails to discourage foreign property investors
While interest from foreign investors in Australian property has remained strong, HLB Mann Judd warned that tax increases could see demand shift to other markets. ...Read more
Property
Regional renters forced to spend more of their income than ever before
Renters in regional areas are spending nearly as much on rent as home owners are spending on mortgage repayments. ...Read more
Property
Aussie home buyers now need to save for over 11 years for a deposit
Since early 2020, the time needed to save for a deposit has increased by more than two years. ...Read more
Property
HSBC forecasts 2023 house price decline of up to 10%
The firm had previously predicted a modest rise for house prices next year. ...Read more
Property
Perth house prices continue climbing to a record high
While growth may have come to an end in Sydney and Melbourne, Perth house prices are still on the rise. ...Read more
Property
Stamp duty significantly slowing path to purchase for FHB
Saving for a home takes years for the typical first-time buyer. In Australia’s largest cities, as much as two years are spent simply building up the funds to pay the cost of stamp duty, according to...Read more
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Property
ANZ now expects house prices will end the year lower
With higher interest rates on the horizon, the bank is forecasting larger house price declines than previously expected. ...Read more
Property
Which capital cities are most attractive to property investors?
A new survey has suggested that investor attention is shifting away from Australia’s two largest capital cities. ...Read more
Property
Market uncertainty fails to discourage foreign property investors
While interest from foreign investors in Australian property has remained strong, HLB Mann Judd warned that tax increases could see demand shift to other markets. ...Read more
Property
Regional renters forced to spend more of their income than ever before
Renters in regional areas are spending nearly as much on rent as home owners are spending on mortgage repayments. ...Read more
Property
Aussie home buyers now need to save for over 11 years for a deposit
Since early 2020, the time needed to save for a deposit has increased by more than two years. ...Read more
Property
HSBC forecasts 2023 house price decline of up to 10%
The firm had previously predicted a modest rise for house prices next year. ...Read more
Property
Perth house prices continue climbing to a record high
While growth may have come to an end in Sydney and Melbourne, Perth house prices are still on the rise. ...Read more
Property
Stamp duty significantly slowing path to purchase for FHB
Saving for a home takes years for the typical first-time buyer. In Australia’s largest cities, as much as two years are spent simply building up the funds to pay the cost of stamp duty, according to...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
