Agent wants Form8 signed.. for a house?

Discussion in 'The Buying & Selling Process' started by C-mac, 23rd Sep, 2015.

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  1. C-mac

    C-mac Well-Known Member

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    Hi folks

    I was sent a contract to sign for a house (single house on a block) in QLD.

    With it, i was given a Form8 to sign. On it, it basically says (and in fact has a box ticked next to it) that the agent acts as a property developer, sharing a 15% interest in the property'

    Anyone know what this means or how it is possible for a regular real estate agency to have a developer interest in what is just a suburban house on a 600-ish sqm block, in a zoning area zoned only for low-rise residential houses?
     
    C-mac, 23rd Sep, 2015
    #1
  2. 738

    738 Well-Known Member

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    The real estate agent is a a developer who sells their stock. Pretty simple.
     
    738, 23rd Sep, 2015
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  3. Phantom

    Phantom Well-Known Member

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    Maybe just a disclosure. To notify the buyer that the agent has an interest. In this case it's 15%. You are agreeing that you are aware that the agent has an interest.
     
    Phantom, 23rd Sep, 2015
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  4. AaronR

    AaronR Well-Known Member

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    Is it Corinda by chance? Unrelated to your original question but be sure to get some insurance quotes before submitting your offer.
     
    AaronR, 29th Sep, 2015
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  5. Azazel

    Azazel Well-Known Member

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    In QLD they are supposed to disclose any interest they have in any deal.
     
    Azazel, 29th Sep, 2015
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  6. NTP1

    NTP1 New Member

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    Hi guys, I am new to the chatroom and involved in the Real Estate Industry. The Form 8 must be signed before the buyer goes to contract if the agent has an interest in sale of property, be it a referral fee or actual shareholder.
     
    NTP1, 30th Sep, 2015
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  7. Esh

    Esh Well-Known Member

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    I dont think that should adjust your perception on the value of the property, its just a heads up to let you know
     
    Esh, 30th Sep, 2015
    #7