Forum Replies Created
I am really sorry to hear what is happening to you.
I think the solicitor or the conveyancer should go through all the easements on the title with the client. As a precaution a lot of solicitors make the purchaser sign the page of the contract where the easement is shown just in case they can be liable. Some vendor solicitors disclose this in the special condition of the contract.
Also in some cases the easement is shown by the purchaser’s search. There is a possibility that the solicitor/conveyancer has not done all the required searches.
Did you buy the property with the intention to develop? Did you disclose this to the solicitor/conveyancer? Then you may have some claims agains the solicitor/conveyancer as these matters affect the property.
Speaking from my personal experience, I was encountering problems obtaining visa in Chinaand the school that I was enrolled was very uncooperative to give me a letter to give me a letter for a re-entry visa. My friend who had a little knowledge of Feng Shui, told me to change the direction my bed was facing, and you know the next thing, the attitude of the person at school changed and I was able to get the letter that would allow me back into the country.
I don’t know whether it’s feng shui or just my luck, but something that I have been trying for weeks just solved after the night I changed my furniture around in my room.
Just wondering, what is not a “special trust”?
If the trust is not classifed as a special trust, I believe that it can certainly get the land tax threshold?
There are gazillions types of trusts out there, surely there must be something that is not a special trust.
Any ideas?
I agree with Simon completely.
My managed fund which my parents started contributing in 1990, has not increased at all. For first 10 years it was less than what they contributed because the financial planner was taking his big chunk of commission. So be careful of managed funds. Check all the fees involved.
First, reduce your non deductible debt.
Then learn as much about investing & creating wealth.
If you don’t have any debt, then put it into investing account that earn you over 5.5% pa.
Don’t expect people are going to do all the leg work for you.
I am not really sure about laws in WA, but in general, you cannot claim anything unless you have suffered a loss as a consequence of the delay. For example, you have your tenants to move in organised but cannot let them in and you have to compensate them etc or extra legal fees that you had to pay as a consequences of the dealy. If there is no loss suffered by you, what are you going to base your claims on?
This is just an opinion, not advice.
I was working for a client on a sale and the bank could not locate it.
After few frantic calls by both the vendor and solicitor to the bank, the bank located that they did not retrieve the title from Land Titles Office in 1997 when they were registering their mortgage. This took them 8weeks to figure out!!! Had the contract been a normal 6week contract, the Vendor would not have been able to settle on time.But then as terry says you can always apply for a new one for a nominal fee.
Ask your solicitor or conveyancer and they should be willing to organise it for you.
I use M & M Pest Inspections and Superior Building Inspectors in Sydney and they give good detailed report within 3 days, sometimes in two days if requested. They do reports for all around Sydney.
I’ve read a case where a lady was taking care of an old man, no de facto relationship, and she was left with nothing under his will. She did not challenge the will, but because the beneficiaries wanted to kick her out and sell the property she went to court and obtained life time interest or something like that on the basis that she did take care of the old man. I think the name of the case was Oglivie v Ryan- so your old uncle may have some lifetime interest.
But I think it may be better to explain the situation to the beneficiaries and come up with some sort of agreement so that your uncle can live there as long as he wants as court procedure is time and money consuming, and other factors may be taken into consideration that would make the courts not follow precedents.
I do a lot of conveyancing for a sole practitioner in eastern suburbs in Sydney and from experience, you basically get what you pay for. Even as a first year solicitor myself, dealing with conveyancers, conveyancing clerks and/or solicitors, there are competent and non competent ones. What you really need to find is someone who will run that extra mile for you without extra costs when the bank stuffs you up as you can pay penalty interest everyday you are late.
Generally in eastern suburbs in Sydney for a sale you will find the price for conveyancing will range between $800-1200 + disbursement and for purchase $900-1600 + disbursements. I’ve seen cheaper quotes, but when I see them I wonder what the quality will be like, considering the amount of time it takes if you want to do it properly. Having done conveyancing for one year, I can see how you can cut corners, and charge your clients less, but I do not know whether it is worth it when there are risks for not doing your searches properly and having a bad conveyance- this will only be discovered at the sale time, and you might have great problems selling!!!
Please also keep in mind that there are actually few solicitors being sued for bad conveyance and when the difference is only a few hundred dollars it may be worth using somebody who does their job properly. The bad mistake only gets discovered when it comes to selling, and it may costs thousands and thousands to rectify the mistake.
So here is my recommendation:
First, go and talk to the person and ask any questions you may have about conveyancing also obtain costs.
Second, use somebody who does conveyancing all the time. The procedures with banks change constantly, and they have to be upto date if you want your settlement to take place in time. One mistake of fax number for a discharge request could end up as penalty interest, or interest payment to the bank and the solicitor or conveyancer will be unlikely to say that it’s their fault and they will blame the bank for their inefficiency.
Here is my two cents worth
I looked through the contract myself for a sunset clause but I couldn’t find it.
The contract has to be completed by 3years and 5 months after the signing of the contract which is Feb-March 2007.
But they haven’t started building yet…
There is also a clause where if the Vendor cannot raise enough finance by 30 June 2004, they can terminate returning the deposit to the purchaser. Since they didn’t, I assume that they have raised enough finance to start the construction.
The contract looks very different from a NSW contract, because the draft plan already has a strata plan number. In NSW, as far as my understanding is concerned, the strata plan number is only given at the final stage of the building, after all the council approvals and everything.
Anyway, thanks for a prompt response.
I wouldn’t mind an informal meeting in 29th at Petersham RSL.
Pretty flexible with time.
So no meeting for January or a meeting scheduled for 29 January as well as 26 February?
Thanks for organising it guys.
I’ll see you there
I’ll be there too.
I never have showers.
I always soak in hot/warm/lukewarm baths depending on how I feel. If a property does not have a bath tub it is a turn off….but if this boils down to question of money (cheaper rent) I can do without a bath tub.
Hi
There are many good books out there if you can find them. The question is how financially literate are you. Depending on your level of literacy, and your knowledge of ancillary topics good books may vary.
For example, when I read Steve’s first book I was impressed. I thought it was a good book because it was very different from what I had read before about property. However, when I read his second book which was almost 4 months later and about 40 books later, and few hundred internet searches later, I did not find the book as good a read as first.
Finding the right book is difficult, and you probably need to visit you local library and bookshop and learn how to choose a good book for yourself.
I wouldn’t put my spare cash into super. If the stock market crashes, then your captial in super is lost.
When I did not have a job for two years my meagre super of $50.00 was eaten by all fees because in small print it said that they were allowed to charge administrative fee of $10-15 per year or something even though the government said that super of less than $5000 is protected. Super is not allowed to charge management fees for super less than $5000 but they are still allowed to charge adminsitrative fees.
If I have the money I will invest in anything but super where I have control.
In that respect I agree with Dazzling & Dr X
Hi,
I had one of my clients referred to ech**** by Citibank to organise her deposit bond for a purchase three months ago and they were terrible to deal with. They did not know what they were doing and it took them almost three weeks to get the deposit bond organised, and our client was damn worried she might lose the property all during that time and kept ringing us when the contract can exchange.
The people at ech**** we were dealing with did not know anything about getting a deposit bond, and made our client sign the form twice, the second one happening two weeks after the orginal form sent!!!
The best way to organise your finance through a broker would be by words-of-mouth. I would not have any qualms about recommending a broker who is just across the street. He know what he does very well and most of his clients are happy with his service.
Hi,
I hope you don’t mind if I attend on the 16th October @ Petersham RSL even if I haven’t attended any of the previous meetings.
I am interested in property and trying to find ways to find more freedom in my life as well as contributing to society if my investment plan flourishes.
At the moment, even though I do not own property, I am looking to buy something in the near future and saving as much as I can.(Living with parents and saving 80% of net income – not much though because I am on meager wage). I am also trying to grab as much information as I can on property, tax, super, trusts etc to use the right strategy depending on my total wealth. Also this should ensure that I have enough basic knowledge to find the right people(accountants, solicitors and other experts) as I have great mistrust in people in those professions and having a little knowledge in the area should help me judge how good they are at what they are doing.
I hope to see you all there soon.
If you are in NSW, as a purchaser you have no remedy if the Vendor delays settlement for a few days.
If the Vendor delays settlement fo more than 14 days you can serve a notice to complete making completion a time of essence and then terminate the Contract.
