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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.
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