Property Law

Topics: Auction, Deception, Real estate Pages: 4 (1540 words) Published: August 24, 2013
This case concerns the sale of land in Toorak road. The purchasers, Dr Moss and his wife Ms John, wanted to purchase 502A and 502B Toorak Road used as a extension of them practice. The Mosses conducted their practice at 504 and 506 Toorak Road, which was next door to the auction property. They are worried it would diminish the amenity of their property if property developer bought the object property. In order to disguise their interest, Mosses arranged for two people to assist in purchasing the property. They were Mr J Breeze and Mr C Carbonaro. Before the auction, Mr A Rohan who is a valuer told Dr Moss a quick valuation of property of $2.6 to $2.7 million on where property developers made bids, and $2.1 to $2.2 million when no property developer made a bid.

The property consisted of two apartments. Ms Kendra Abay owned 502B and Mr M Abay Snr bought 502A but not register. Ms K Fleetwood was the administrator of 502 A. Ms K Abay decided to sell the property as a whole. She asked Mr Herman, her twin brother and also the director of R T Edgar Toorak Pty Ltd, as the agent for selling the property.

About 30 people attended auction including The Mosses, Mr Tom Kartel, Mr Breeze, Mr Carbonaro. The auctioneer was Mr J Fox. He announced that the property was to be offered as a whole and if not sold, the two properties would be offered separately. The property was passed in to Mr Breeze for $2.11 million and Mr Kartel was the underbidder with $2.1 million. During the discussions, agent and auctioneer told Mr Breeze the vendors’ reserve price was $2.6 million. Mr Breeze offered final offer of $2.4 million authorized by Dr Moss was rejected. During the discussion, Mr Herman had a conversation with Mr Kartel. When Mr Kartel acknowledged the offer of $2.35 million from top bidder he gave it up and left. Meanwhile, Mr Fleetwood told Mr Herman that $2.6 million was too cheap and he will buy it at this price. He meant to buy his mother-in-law share out not to purchase...
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