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Legislative Assembly for the ACT: 2000 Week 5 Hansard (11 May) . . Page.. 1463 ..

MR WOOD (continuing):

Minister, on the Saturday my constituent paid a deposit and was told that the house was his at the listed price.

Mr Kaine: There had been an offer and an acceptance.

MR WOOD: Indeed.

Mr Corbell: A verbal contract.

MR WOOD: Indeed, Mr Corbell. Minister, you may not have been aware from your brief about that. On Monday, unethically, he was told that it was not his as there had been a higher offer. That is gazumping. I have checked with real estate agents since. That is gazumping. Would you now address these facts in your answer and not just re-read your brief of yesterday?

MR SMYTH: Mr Speaker, I have a slightly different story from the one the constituent has told Mr Wood. The general thrust of the story is very similar. The constituent made an offer to the real estate agent. I cannot tell you what was said between your constituent and the real estate agent at the house because I do not know what was said. But real estate agents never contact Housing staff over the weekend with offers. I am told by people with experience in the real estate business that until the vendor accepts the offer it is simply an offer. There is not normally that level of urgency that it is done over the weekend; they do it first thing on the Monday.

Your constituent went to Dickson and the other individual went to the Kaleen office. I understand that your constituent made his offer on Saturday and the other offer arrived on Sunday at a different office.

Mr Wood: The second one should have been told "no deal".

MR SMYTH: But the offer had not been accepted by the vendor, so there were suddenly two offers on the table. When offers are put to vendors, other factors are taken into account.

Mr Wood: No, this did not say, "Sale by vendor."

MR SMYTH :Please! That is what happened. The real estate agent, from my understanding of it, has to put the offer to the vendor and seek acceptance. The earliest that that could possibly be done with Housing in this case would have been the Monday morning. There were two offers to real estate agents at various offices at different times. I understand that the second person to make an offer was told that there was already an offer with a $1,000 holding deposit on there.

I am told it is normal practice when offers are put to vendors that often other factors are included. It was suggested that both of the individuals who had made offers clarify their offers, including things like price, how soon the prospective purchaser can complete the sale, whether their finance is approved, how much of the purchase price is to be borrowed, and whether the purchase is contingent on the sale of another property.

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