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How to sell and buy a flood-affected property : Comments
By Tim O'Dwyer, published 20/1/2011House buyers are now discovering why real estate agents are at the bottom of the trustworthy surveys.
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Agreed again, it is a case that some prefer the lifestyle choice of water views and leafy parks (parks where often stood dwellings in the watery past) and are prepared to accept the inevitable devastation from flood with full knowledge and possibly total ignorance of the catastrophe these can wreak on life, limb and home; but what of those who were told a half-truth by an unscrupulous agent before signing on the dotted line?
Again, you underscore the significance of the turmoil called “Flood” with Betty’s example who on two occasions knowingly bought into a serious flood zone and on those two occasions either had an option of a legal out before the ink dried on the contract, as in the first case, or as in the second case, knowingly purchased a flood prone property.
A critical question arises when a buyer attempts to identify all the negatives of a potential property in Brisbane; the glaring obvious, “who alone holds records of flood zones indicating the varying local severity of flood, and why is there an appearance here of a real or tacit attempt to hide the fact by the agents or the relevant local authorities, especially when that local authority is directly involved in all home purchases”?
The Local Council Authority not only hold information on flood zones, which should be (one would think) a mandatory requirement to disclose, but should be disclosed to the prospective buyer before the ink marks the contract to purchase