When Jack put his home up for sale, he didn't think his real estate agents would be the buyers
A Perth homeowner is seeking legal reform after his real estate agents allegedly used a shell company to purchase his property without proper disclosure. The homeowner claims he was undersold by nearly $100,000, prompting consumer authorities to reprimand the firm.
Why it matters
This case highlights significant gaps in real estate conflict-of-interest regulations and the potential for exploitation in property transactions.
Mr Wu wants to alert other home owners of their legal rights if their own agent tries to buy their home. ( ABC News: Rebecca Trigger )
Authorities in WA have issued a warning to a Perth property firm after it used a shell company to buy a home it had been hired to sell.
Chao "Jack" Wu said the company's agents only told him they were the buyers more than a month after the initial sale contract was signed and that he was undersold.
The property agent denies any wrongdoing, but a real estate lawyer says the case highlights the need for conflict-of-interest consumer laws to be better reformed.
Link copied Share Share article A Perth real estate agency that allegedly ran a "ghost" open home before using a shell company to purchase the property it had been hired to sell has been reprimanded by consumer authorities.
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