To add a different perspective…
I am busy during the week, so decide to engage a buyers agent to find suitable properties for me to purchase. I give them my criteria – +ve cashflow properties. We agree on a fee for them to undertake this work – $1000.
They spend time investigating properties and identify a property that fits my criteria. However, I’ve decided I have additional criteria. I must approve of the town the property is in, so I decide not to purchase. The buyers agent therefore keeps 10% of the fee for the time to identify the property.
If you look on DD as a buyers agent – wouldn’t it be reasonable for them to keep 10% of the fee if you decided not to go through with the purchase?
Shushar
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
Shushar,
What I think is reasonable is that the person who is receiving hte money explains what will happen to the money if the purchase does not continue- *before* money is sent.
If I was DD, I’d be sending that money back to the person who sent it- as a gesture of goodwill if nothing else. Then the sender might choose to give it to charity- whatever.. it’s Chan’s money, and he wasn’t told he was going to lose it.
I still question the legality of that transaction. If people want to keep other people’s money, they should be upfront about what the process will be.
kay henry
Kay Henry,
Thank you for your support.Shushar,
Like Kay Henry said if the deal is disclose earlier to let the potential buyer know what you intent to do then it is fine.Anyway, I just to leave as it is from now on and looking forward to my next purchase.
Bear,
Good luck with your investing and hopefully your health will get better soon. And I know it for sure that It will. One thing I want to remind you, your health is better than anything else so you must fight it. Good luck.Warm Regards
ChanDollars
[Keep going, You’re on your way to financial freedoom]Thanks Chan [^]
Hi Chan
Sorry to hear about your lost money.
I personally feel that what happened to you is wrong. Firstly, how in the blue heck can you assess a property without knowing its location and physically inspecting it? Even Steve McK says you need to inspect before you sign.
Secondly, I don’t like this contract by ambush routine. Carparks used to try this on years ago, by having the terms and conditions on a board located near the exit. The courts have said that these terms and conditions are unenforceable, because when you entered the carpark and took your parking ticket, you weren’t given the choice to decide whether or not to accept those terms and drive away to look for another carpark. Why do you think there are so many boards with fine print nowadays when you drive up to the carpark entrance?
Sounds like DD are running a real estate business and collecting a fee from doing so. When I last checked, you needed a licence for that, regardless of where in Australia you’re doing it…
Cheers
Elysium-MDIY Residential Property Settlements in WA – the book coming soon! When I can get my act together…
Dear All,
After getting adviced from one of the best invetor in from this forum I sent email to DD to ask for my hard earned money to be refunded. DD email me to let me know that the money will be refunded.
Here is the quoted from DD email:
Quoted from Email:
Hello Chan$Thankyou for your recent emails. Only parts of them were found as we have been treating a huge virus within our computers.
After the initial $900 was refunded and the filing procedure had begun on your paperwork we discovered that the Contractural Agreement was indeed not signed therefore no money can be held by us.
Because we had already paid out accounts for the month it went into the next cycle which was paid on the 2nd February 2004. Our cycles run on 2nd/3rd, 18/19 of each month. $110.00 was transferred(an extra $10.00 added for your inconvenience in waiting the 12 days).
We are well aware of DFT rules we have a brilliant and extremely expensive property solicitor who takes care of all our documentation. He keeps us aware of each and every person rights.
Yes, you are well within your right to have your hard earned money returned as it justifiably has been.
All the very best to you and your partner.
Our kindest regardsWarm Regards
ChanDollars
[Keep going, you’re on your way to financial freedoom]Well done Chan! Glad to see yhou got your money back :o)) It must be your shout next time huh? I might even bring monika along if you’re good
)kay henry
Sound like a good idea if you bring Monika along then we are going to team and have a great time.
Warm Regards
ChanDollars
[Keep going, you’re on your way to financial freedoom]hmmm.. I could take that as double entendre Chan- I have no idea how to read it :+P But moni is great company = warm and lovely- and i am sure she’d love to meet you guys
kay henry
Hi Chan
I’m very glad that you ended up with a happy result. Good luck also to yourself and future endeavours.
Regards Bear
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