PropertyInvesting.com | animamundi | Activity

animamundi replied to the topic Boundary dispute: perspectives and creative resolutions wanted in the forum General Property

Mon, 26 Mar 2018 03:13:55 +0000

Hi Ethan,

Thanks for your suggestions. They resonate.

An update for all who are interested…

A few days ago the owner came to my door with a copy of the survey that has been completed – at the request and expense of one of the potential buyers – to discuss the issue with me.

He indicated that he has two offers. One from a buyer who doesn’t…[Read more]

animamundi replied to the topic Boundary dispute: perspectives and creative resolutions wanted in the forum General Property

Wed, 21 Mar 2018 05:54:10 +0000

Terry, thank you for that clarification very helpful.

I’ve been an infrequent reader and even less frequent poster here for years and I have always been struck by your awareness across a range of issues.

AB, thank you for your question. I only purchased a standard home insurance policy. I will check the PDS but doubt it extends to cover boundary…[Read more]

animamundi replied to the topic Boundary dispute: perspectives and creative resolutions wanted in the forum General Property

Fri, 16 Mar 2018 22:18:00 +0000

Thanks Terry, I may have used the wrong language or have a flawed understanding of roles.

I meant that I would engage someone to check the boundaries of my property to see if their assessment is in line with the other owner’s assessment.

Perhaps I meant surveyor?

Do you think this would be a useful step?

Is this task something that a…[Read more]

animamundi replied to the topic Boundary dispute: perspectives and creative resolutions wanted in the forum General Property

Fri, 16 Mar 2018 03:34:04 +0000

Thanks Terryw, I’m glad to see you here :)

Can you say a little more on why you would favour consulting a lawyer instead of a conveyancer?

You’re right in saying that I did not check the boundaries prior to purchase.

Do you think there’s any merit in speaking with the vendor of my now PPoR, or their agent in relation to this matter?

animamundi started the topic Boundary dispute: perspectives and creative resolutions wanted in the forum General Property

Wed, 14 Mar 2018 02:54:25 +0000

Hello folks,

I am entering into a scenario that I’d like your feedback on.

In January 2018 I purchased a property in South Australia to use as my PPoR.

The original double brick dwelling and fenceline was established in 1979.

A few weeks ago, an empty parcel of land next door was put on the market.

The sales listing says that the vendor is in…[Read more]

animamundi started the topic Boundary dispute: perspectives wanted in the forum General Property

Wed, 14 Mar 2018 02:54:25 +0000

Hello folks,

I am entering into a scenario that I’d like your feedback on.

In January 2018 I purchased a property in South Australia to use as my PPoR.

The original double brick dwelling and fenceline was established in 1979.

A few weeks ago, an empty parcel of land next door was put on the market.

The sales listing says that the vendor is in…[Read more]

animamundi replied to the topic Renting PPoR subject to informal shared ownership agreement in the forum Legal & Accounting

Mon, 15 Nov 2010 22:34:12 +0000

Terryw, thanks for the resources.Should I infer from your first link that the written co-ownership agreement that I have with my other three partners IS legally recognised, even though the title and mortgage are in my name alone?Regarding the second link, how should the the rental income be calculated? Would it be 2x$300(2 party share of the…[Read more]

animamundi replied to the topic Four investors, one name on title in the forum Legal & Accounting

Wed, 07 Jan 2009 02:08:45 +0000

In the event that the property is sold at a profit what is the best way to distribute to co-investors their share of the profits?Are there are any blindingly obvious pitfalls or considerations that we should be aware of?CheersB

animamundi replied to the topic Four investors, one name on title in the forum Legal & Accounting

Wed, 07 Jan 2009 00:58:35 +0000

Terry, thank you again for your consideration and reply.The final option that you mentioned (buying in one name and having an agreement to share things) is the one which we will adopt for this property from the outset. It's fair to say though that I have some doubts about the legal enforceability of the obligations and responsibilities that we…[Read more]

animamundi replied to the topic Four investors, one name on title in the forum Legal & Accounting

Tue, 06 Jan 2009 21:07:17 +0000

Thanks for the further insight Terry. Two more questions:* What do you mean by the beneficial ownership of the property?* Is the adverse consequences on future borrowing capacity in the case of co-ownership avoided by forming and purchasing through a Trust?As you may have guessed, I am very green on the ins and outs of Trusts!CheersB

animamundi replied to the topic Four investors, one name on title in the forum Legal & Accounting

Tue, 06 Jan 2009 05:48:12 +0000

Thanks Richard.We are not wedded to the idea of forming a Trust if this is not feasible or an effective way of protecting the interests of all co-investors – but it is an option that we'd like to investigate further.At the time the property was purchased it was not our intention to co-habit. Since that time co-habitation has become a highly d…[Read more]

animamundi replied to the topic Four investors, one name on title in the forum Legal & Accounting

Tue, 06 Jan 2009 05:27:08 +0000

Thanks for your response Terry, you have raised some valid points which we had not considered – in particular how can the interests of the other investors be protected in the event of my bankruptcy.We have already given consideration to the points on Equity and Exit that you raised and feel satisfied with the framework that we have agreed though…[Read more]

animamundi replied to the topic Name on title but not on loan? in the forum Legal & Accounting

Wed, 17 Dec 2008 00:30:07 +0000

Thanks again Richard.

animamundi replied to the topic Name on title but not on loan? in the forum Legal & Accounting

Wed, 17 Dec 2008 00:25:06 +0000

Thanks Terry and Richard.Terry, your comments support what I have been told already.Richard, I wasn't aware that I could include her on the loan but not declare any income. At the time of lodging the loan application I was advised that she would be classed as a dependent by the lender due to her limited trading history and that this would reduce…[Read more]