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Worried about Trust fraud? You should be.
The whiff of a trust account fraud is enough to send the toughest Principal weak at the knees.
We encounter many occasions where a fraud goes undetected for far too long because of inadequate internal controls over the activities of “trusted” employees. Just a few simple controls can significantly reduce the risks that this will happen to you.
Jemmeson & Fisher recently successfully acted on behalf of a franchisor, Century 21 Australia Pty Ltd (Century 21) in a case against a former franchisee for damages arising from breach and early termination of a franchise agreement.
As a result, the franchisee has been ordered to pay $204,925.38 in damages and interest to Century 21, together with legal costs.
What is an agency agreement?
An agency agreement is a legally binding contract between you and the real estate agent entered into before selling your property. An agency agreement sets out what the agent is authorised to do for you and stipulates all commissions and any other costs you may be liable to pay. An agency agreement usually lasts for a fixed time period. Methods of ending an agency agreement vary depending on the particular clauses in the agreement. Usually, agency agreements stipulate that you must provide written notice in order to end the agreement.