Our Ethics
Ethics in real estate involves more than simply using the word "ethical". An ethical approach requires putting into practice procedures and systems that actually
deliver value for money.
An Ethical Approach
Our sales approach is the most ethical
in the real estate industry. How do
we justify such a bold claim? We have removed the procedures and behaviours
that give rise to ethical problems.
Here are a few examples of the ways we offer a high quality alternative;
| 1. |
We adhere to a code of conduct that is strict and all encompassing.
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| 2. |
We do not use any form of Exclusive Sale Authority.
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| 3. |
Our qualifications and industry knowledge are vastly superior to others in the industry (see "negotiation").
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| 4. |
We do not charge a commission
according to the value of our client's property. Rather we charge a fixed fee, based on the service provided.
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| 5. |
We will never act in a situation of conflicting interests:
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We do not give valuations, "appraisals" or opinions as to the value of a client's property. All clients must have the benefit of an independent, accredited professional real estate valuation.
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We do not use Contract Notes, and we never provide purchasers with information or advice that may be contrary to the interests of our client. Every potential purchaser is advised to seek independent legal advice from a qualified legal practitioner.
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| 6. |
We recognise the security issues and insurance problems
associated with escorted inspections. Our vendors conduct the inspections offering invaluable insight into the property, whilst ensuring that the security and safety of their property.
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| 7. |
We provide true agent representation.
Our clients are legally represented at all stages of the sale transaction, and enjoy a full lawyer/client relationship throughout.
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Our Code of Conduct
The Lawyers Real Estate Code Of Conduct sets out the fundamental
principles that underpin our approach to the sale of real estate.
Commissions
The charging of a
commission according to the value of a vendor's property is unethical and unfair. Fees must be based on service, not property value.
Valuations
Determining the value of real estate requires the skills
of a qualified and professionally trained
valuer, who is totally independent
of every party involved in the sale transaction.
Truth in Pricing
The use of devices such as false
price ranges or
bait pricing causes frustration and suspicion. A price range must be informed by an independent
valuation.
Legal Representation
The sale of real estate involves a written and legally enforceable
contract. No person will be invited to
sign an offer or
contract without first being advised to obtain
independent legal advice
from a qualified legal practitioner.
Exclusive Sale Authority
The
Exclusive Sale Authority currently used to engage an
estate agent
in the State of Victoria is unethical and unfair. No vendor will be required to enter into any form of
exclusive sale authority.
Conflicting Interests
Examples of
conflicting interests
include:
| • |
Acting for more than one party in one transaction. |
| • |
Preventing a vendor from having direct contact with a potential
purchaser. |
| • |
Acting for a vendor, but purporting to assist a purchaser without
advising the purchaser to seek independent legal advice. |
| • |
Acting for a vendor, but assisting a purchaser, contrary to the
interests of the vendor. |
All circumstances of
conflicting interests are to be avoided, and expert guidance sought where any doubt exists.
Fair Dealing and Good Faith
The relationship between lawyer and
vendor is such that the vendor is entitled to the full benefit of the lawyer's
skill and knowledge. The lawyer will act in good faith at all times, and
in accordance with his/her
fiduciary
duty.
Legal Notice
All visitors to this website are advised to visit our
Conveyancing Section for real estate consumer information, and to our
Disclaimer regarding the limited use of information provided on this website.
