Recently the Consumer Protection WA issued a press release regarding Rick Otton. In the interest of hearing both sides:
The WA Consumer Protection press release is at; CLICK HERE, and
Rick Otton’s press release is at; CLICK HERE
I believe it’s important that all vendor financiers read these releases and learn from them.
For the Enforceable Undertaking CLICK HERE between Rick Otton and DOCEP
I think this highlights for all us the need to understand all the rules and regulations that are a part of what we do in Vendor Finance. This is not only on the purchase side for us, but also when we sell the property it is important to understand that full disclosure to your client/purchaser is the safest and best practice procedure you can undertake.
The better the understanding of your sellar/client/purchaser about what they are entering into the easier the flow of the contract period will go and the better understanding from all parties will mean less disruptions to the positive outcome of the property transaction.
One of the things that I have discovered in the last 12 months is that we tend to use language that we think explains what we are trying to do, at the Vendor Finance Association meetings we have discussed at length the different types of terminology that we should and should not use according to Australia Consumer Law requirements.
All states have booklets that you can download to read about the Australian Consumer Law and its requirements; there is also one available specific property on the ASIC website. Check them out and stay ahead of the game.
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