#1
Why won’t the agent tell me the price at an auction?
It is a common frustration of buyers when they find a property they like and are unable to get a price from the agent.
This is because agents are prohibited from doing so by law. Section 574D of the PAMD Act states:
“(2) If the offered property is to be offered for a sale by auction, the real estate agent must not disclose to the potential buyer –
(a) Whether the seller has set a reserve price for the offered property; or
(b) The reserve price set for the offered property; or
(c) An amount the real estate agent considers is a price likely to result in a successful or acceptable bid for the offered property.”
The agent has been appointed by the seller and therefore has the legal duty of care to protect their interests. For more information go to www.fairtrading.qld.gov.au.
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