About time our authorities did the same here rather than take the leads from our Aussie cousins.
My team and I are frequently asked to clean up the mess that some investors have got themselves into by believing these “get-rich-quick” merchants.
The old adage that if it’s “too good to be true” means it’s not for real and could cost you a bomb.
Property spruikers under investigation by state governments amid rent-to-buy and vendor finance deal concerns
25 Feb 2014
Amid increasing concerns about property spruikers, state and territory governments are gathering information on 15 property dealers Australia-wide.
Victorian Consumer Affairs Minister Heidi Victoria says there are concerns about property spruikers, and those educated at their seminars who then go on to operate the rent-to-buy and vendor finance deals.
The two approaches are similar, but involve different paperwork.
Rent-to-buy puts a tenant into a rental contract with an option to buy the home after a set period of time.
Vendor finance includes a contract of sale with a delayed settlement, as the person lives in the property and pays for it in instalments.