Property Spotting

Viewing 6 posts - 1 through 6 (of 6 total)

Sibo
Participant
@sibo
Join Date: 2003
Post Count: 126
April 15, 2004 - 1:04 am
Does anyone know wether property spotting is illegal, and if so in which states? Otherwise, does anyone know how I might obtain this info?
Regards,
Si
geo
Member
@geo
Join Date: 2003
Post Count: 1,194
April 15, 2004 - 2:52 am
Hi Si,
no its not illegal and many do it – infact, many on this forum do it. Put this post in ‘General Investing’ or ‘Help Needed’ forum. your sure to get a reply. Or just email Westan, Bear, Muppet – they do it aswell. but I would put a post on the other forum. Try MortgageHunter aswell.
Kind regards,
George.
“If You never never ask, you’ll never never know”
Sibo
Participant
@sibo
Join Date: 2003
Post Count: 126
April 15, 2004 - 4:33 am
Thanks George,
Much appreciated.
Regards,
Si
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
April 24, 2004 - 1:30 am
Si
I would be slightly careful.
I am not sure George has fully understood the answer he gave you. If you act as a spotter then depending on the State and the numbers of properties you transact it may not be illegal but may require you to be licensed.
Qld is certainly a State in which a license is required. So as not generalise i would suggest you check with the OFT in your State to ascertain what license is needed.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au
There is no such thing as a problem.
Just a solution waiting to be found
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Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
April 24, 2004 - 3:34 am
Hi Sibo,
Endorse Richard’s comments 100%
I strongly suggest anyone considering setting themselves up as a ‘spotter’ carefully think through the full process of their proposed modus operandi. When this is firm in your mind then run it past the various legislative people in your respective states – all it will take is one inadvertent step out of turn and what was ‘legal’ may now be illegal.
I would add seek independent legal advice too – public indemnity insurance may be required too.
Last thing anyone would want is a legal case on their hands. It’s all part of the preparatory research for mine.
Derek
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Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
April 24, 2004 - 7:20 am
To act as a buyer’s agent you must be a registered Real Estate agent in all Austalian legislations to my knowledge.
Calling yourself a ‘spotter’ instead of a Buyers’ Agent provides no legal protection to my knowledge.
Why do people want to be spotters?
Better to be investors.
Cheers,
Aceyducey