Missing deposit money is behind the abrupt closure of a Byron Bay-based real estate office last week, the Sunday Telegraph reported yesterday.
Belle Property Financial Services cancelled its franchise agreement with realtor Sarah Dougan following the disclosure that deposit money for one property had not been paid to a vendor who sold her $1.6 million house in April.
Belle Property Financial Services chief executive Peter Hanscomb told the Sunday Telegraph that other transactions were also under investigation. “We’re a little in the dark and we’ve been spending days going through it,” he said, adding that he had forwarded the matter to the Fair Trading and initiated an internal audit.
Mr Hanscomb was away on interstate business and could not be reached this morning by Real Estate Business.
Sarah Dougan, who also operates as a mortgage broker, told the Sunday Telegraph that she had done nothing wrong. “I deny any intentional wrongdoing,” she said, adding that she was unable to say anything further until the matter was investigated by Fair Trading.