Question: Is it fair for letting pool managers to own units in the scheme and include them in the rental pool?
In June 2023, Frank Higginson responded to an audience member’s question concerning a letting pool manager who rents units from owners and then sub-lets them. What about letting pool managers who own units in the scheme and include them in the rental pool? Is this a fair arrangement? In particular, is this an arrangement the Office of Fair Trading would be interested in?
Answer: The legislation references disclosure of an ‘interest’ in the letting pool.
The legislation references disclosure of an ‘interest’ in the letting pool, so the obligation to disclose applies equally to ownership of units as well as the leasing back of them. I wouldn’t say the OFT is expressly interested in anything more than ensuring that the interest is disclosed.
Frank Higginson
Hynes Legal
E: frank.higginson@hyneslegal.com.au
P: 07 3193 0500
This post appears in the March 2024 edition of The QLD Strata Magazine.
Hello,
As a Caretaker who owned a lot in the complex, I signed Caretaker agreement and Letting agreement with the body corp which allow me to carry out Caretaker and letting business from the Manager’s lot. I also hold full real estate agent license which is qualified for selling business as well. Is it okay for me to perform selling real estate business from the Manager’s lot?
Thanks
Hi Jacky
Frank Higginson from Hynes Legal has responded to your comment on this article: QLD: Q&A Bylaws, General Rules & The Act