WA ban for property investment promoter (We Buy Houses Pty Ltd / Rick Otton) | Department of Commerce
Under the agreement, Mr Otton, his companies and three websites must make it clear to prospective buyers in WA that:
by Mr Otton and his companies do not offer anything for free and instead
promote training and mentoring courses for a fee.
“These types of seminars highlight to potential investors the
benefits of securing their financial future by investing in property,
while downgrading the risks. They also appear to exaggerate the
potential gains from property and other investments by following the
promoter’s programs,” Ms Driscoll said.
Under the agreement, Mr Otton, his companies and three websites must make it clear to prospective buyers in WA that:
- the purchase price for the property must ultimately be paid before they can own the property;
- the one dollar payment to buy the option is only the initial step towards owning the property;
- they may not necessarily satisfy a bank’s lending requirements to
exercise the option to buy. Payment of instalments over time may not be
proof of creditworthiness; and - legal advice should be obtained before being involved in a rent-to-buy property scheme.
by Mr Otton and his companies do not offer anything for free and instead
promote training and mentoring courses for a fee.
“These types of seminars highlight to potential investors the
benefits of securing their financial future by investing in property,
while downgrading the risks. They also appear to exaggerate the
potential gains from property and other investments by following the
promoter’s programs,” Ms Driscoll said.
Hello, my name is Jack Sparrow. I'm a 50 year old self-employed Pirate from the Caribbean.
No comments:
Post a Comment