20181017 Fake property?

20181017 (Wed)

Fake Amway water filter, fake property? Termination of an agency contract.

Sometimes, when my client introduce another client to me, especially close relative for example, I do NOT ask for land title or SPA as proof of ownership. This is rather risky. It might be a fake owner!

There is less problem with tenancy. When landlord or representative of owner (relative esp) to hold the keys, I trust that it is genuine landlord. However, when it comes to sale, it really is risky if we do NOT ascertain the person is the actual owner.

Like a few days ago I got a listing for a double storey Semi-D house for sell. However, the owner entrusted it to a lawyer. Every time I call up the lawyer to ask for permission to inspect the property, I would face excuses and required to message him. Later, nothing is done as there will be no message back. Apparently, the lawyer has got another agent working on it. So, he is typical of making an attempt to sell for a commission.

Truly, when an owner is not keen to commit to give information, the agent is also not keen to put in effort to learn about the property. For, he does NOT have the cooperation of the principal. Over and above, it is not the only property listed for sale, and the agent can call off the appointment.

Termination of the agency appointment can be made by agent. This is under S.154 of Contracts Act, 1950.

S.154 Termination of agency

An agency is terminated by the principal revoking his authority, or by the agent renouncing the business of the agency; or by the business of the agency being completed; or by either the principal or agent dying or becoming of unsound mind; or by the principal being adjudicated or declared a bankrupt or an insolvent.

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