“Buyer enquiry over” should not mislead
December 12, 2007
The Commerce Commission says real estate agents need to heed the warning contained in a recent court case relating to pricing practices to avoid breaching the Fair Trading Act. Wellington real estate agent Tim Whitehead was sentenced in the Hastings District Court yesterday on three charges of breaching the Fair Trading Act between 28 April 2007 and 5 May 2007. He was fined $7,500.
The charges related to three house sale advertisements which promoted a Wellington property as being available for sale at “buyer enquiry over $380,000.” However the agent was aware that the vendor was not willing to accept less than $400,000 for the property. More Reports