realestatebusiness logo
Subscribe to our newsletter SIGN UP

Property developer wins $121,000 in court battle

13 August 2009 Reporter

A Brisbane-based property developer has been awarded $121,000 after it was found that the Sydney-based financial planner he was working with did not hold a Queensland real estate license.

Property developer Cellcom used the expertise of the financial planner Sultana Investments to market units located in the Sunshine state to its clients.

According to The Australian Financial Review, Cellcom agreed to pay Sultana a $10,000 commission for ‘each unit sold’, with $5,000 payable after a sale went unconditional and another $5,000 payable on settlement.

Cellcom paid $10,000 for each of the 14 properties that were sold. However, when a further eight units went to the unconditional stage only, the property developer refused to pay the $5,000 part payment.

Sultana Investments took Cellcom to court for the $77,000 owing. After originally winning, Cellcom appealed under the proviso that Sultana Investments were not licensed estate agents in Queensland.

The appeal was successful and Sultana Investments was forced to pay $121,000.

Property developer wins $121,000 in court battle
lawyersweekly logo
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Where is the biggest threat to agents in 2019?

3rd party lead generation companies
DIY models discounting sales commission
Prop-tech firms cutting out the agent value proposition
A yet unidentified proper disruptor – like Uber or Airbnb
None of the above. There is no threat.
Do you have an industry update?
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.