LJ Hooker Surry Hills

Below is a case describing what happened to LJ Hooker Surry Hills, looking at what happened in the past can help not to make the same mistakes in the future, this is why Simeoni would like to bring this case to your attention.

NSW Fair Trading is investigating a Surry Hills real estate franchise following allegations of trust account deficiencies. Fair Trading Commissioner Rod Stowe said his agency is investigating irregularities in the trust accounts operated by CBD Commercial Pty Ltd, trading as LJ Hooker Surry Hills.

NSW Fair Trading has appointed an independent manager who will operate the agency. NSW Fair Trading has also contacted the franchise owner, LJ Hooker. “Fair Trading is also available to deal with vendors, purchasers, landlords and tenants involved in this matter” he said.

Mr Stowe said NSW Fair Trading had responsibilities under the Property, Stock and Business Agents Act and associated legislation, such as the Residential Tenancies Act, to protect property buyers, sellers, tenants and landlords.
“NSW Fair Trading requires real estate agents to comply with the laws that govern the industry and to ensure appropriate arrangements are in place to manage large sums of clients’ money,” he said.

“Consumers can apply for redress to the Property Services Compensation Fund operated by NSW Fair Trading.”

The Property Services Compensation Fund assists people who find themselves out of pocket because a real estate agent has failed to account for money or other valuable property held in trust. Claims must be made in writing to the NSW Fair Trading Commissioner within 12 months of becoming aware of the failure to account, or within 2 years of the date the failure to account took place, whichever period ends first.

If you need any assistance to get ready for the real estate audit season please do not hesitate to contact our friendly real estate specialists 
on: 9370 0400

Content from: Fair Trading
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