businessjett, I got this from
AI for Law, Contracts & Legal AI in Australia
"
Based on your description, there are several points to consider.
Firstly, under general contract law principles, all parties need to enter contracts freely and fully aware of the terms. A contract should accurately reflect the agreement between the parties. If the contract the broker provided does not do so, it is important that this contract be rectified to reflect your agreement accurately. The broker stands as a representative of the seller, and thus, should operate professionally.
The inconsistencies you've identified, such as ASIC's deregistration of the broker's business name and the incorrect ABN details, raise legitimate concerns. Companies in Australia are generally registered under the Corporations Act 2001. If the company name has been deregistered, this may be an indicator of insolvency or non-compliance with the Act's regulations. Moreover, every business operating in Australia is usually required to have an ABN.
The broker's reluctance to allow boat surveys or mechanical checks until the payment of the deposit also contradicts standard practice in property purchases, and seemingly the general consumer protection provided under Australian Consumer Law.
Furthermore, the broker's failure to hold funds in a trust account is a concern. Professional agents are typically required to hold clients' money in trust accounts for protection. Not doing so may breach fiduciary duties and may infringe legislation, such as the Property, Stock, and Business Agents Act 2002 (NSW), if the broker is based in New South Wales for instance. His explanation seems unfitting since trust accounts are designed for client protection and are typically subject to rigorous legal oversight.
Given these circumstances, your proposed solution to directly pay the seller and broker via bank cheques seems more secure. In a transaction of a significant magnitude, it's generally imperative to assess counterparty risk carefully and ensure that all procedures adhere to appropriate legal standards and commercial practices.
Additionally, you may want to validate the details of the HIN to ensure that no outstanding finance is owed on the boat, as per your legal rights under the Personal Property Securities Act 2009.
In conclusion, it may be beneficial to seek independent legal advice to ensure that your interests are protected throughout this process. There's legislation in place designed to ensure transactions like these occur fairly and securely. Your situation involves issues dealing with consumer protection laws, contractual laws, corporations laws, and possibly marine and property law, all of which may have different relevant Acts, cases, or disputes based on the exact details of your situation."
