Agent fined for buying client's $1.3m home

12:18 pm on 11 June 2017

A real estate agent has been fined $10,000 for work labelled seriously negligent when he bought a client's house.

Nelson city

The home was located near Nelson. Photo: RNZ / Tracy Neal

The Real Estate Agents Disciplinary Tribunal found agent Daniel Reed guilty of misconduct.

In July 2014, the Whittys contracted Daniel Reed to market and sell a house near Nelson, which had been independently valued at $1.3 million.

Just halfway through the six-week marketing campaign, Mr Reed successfully offered to buy the house for himself for $1.1 million.

The lawyer who took the case argued Reed should be suspended and fined because the Whittys were left at a considerable disadvantage, and Reed breached his fundamental obligation to act in their best interests.

The Tribunal said Reed had failed on multiple fronts, amounting to seriously negligent real estate work and thus misconduct under the law.

He was fined $10,000 but kept his real estate licence.

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