Hi mccoz

I got the following information from the Vendor Finance (Wraps) Association’s website:
“Mr David Cook via email [email protected] or Commanding Heights Mortgage Solutions Pty Ltd direct telephone line 02 4926 2277.”

If you are doing wraps, I’d recomend you join the Association. It’s website is at;
http://www.financewraps.asn.au

Cheers, Paul

Hi beerboy

Why not give the vendor the 20 grand deposit and ask him or her to give you a first mortgage on the remaining 30 grand. If they don’t need the 30 grand immediately they might like the idead of getting 7% or so on their money. Good luck.

Cheers, Paul

Hi Misty

Solicitor:
Lewis O’Brien
03 8801 0111
0407 521 112

Cheers, Paul

Hi Mc

a)
Purchase House – $200K
$20,000 deposit (90%loan)
Purchase Costs (5%) – $10,000
Profit, say, $35,000

Sell, on wrap, for $245,000
Insist you get a minimum $10,000 deposit from your wrapees. You or your investors are left with $20,000 in the transaction.

b)
Ask your friendly local broker to give you a checklist of the supporting paperwork they would collect for a normal mortgage application. As you are supplying credit via an Instalment Contract it is important that you get and keep a paper trail which shows that your wrapees can afford the loan repayments. This is required under the UCCC. The last thing in the world you want is a claim against you, in the courts, for unconscionable lending.

I hope this helps.

Cheers, Paul

Hi Mc

We use Loan Alert, mainly for its complaince with the requirements of the UCCC.

Have a look at http://www.loanalert.com.au/

Cheers, Paul

Hi Pyrimid

In NSW the FHOG is payable after exchange of contracts. Hence your wrapees simply get their solicitor to apply for the grant.

NSW law requires stamp duty on the transfer of land to be paid within 30 days of exchange of contracts. If your wrapees qualify for the FHOG then they may not have to pay.

An Instalment Sales Contract is not a registered mortgage and therefore stamp duty is not normally payable in NSW.

The interesting point is that, for the purposes of most NSW state legislation concerning the payment of duties, etc the sale is deemed to have taken place on exchange of contracts.

Of course, check with your (wrap savvy) solicitor on all these points.

Cheers, Paul

Hi Nathan

Terry is right concerning the VFA and it’s volunteer office holders. Drop them an email. They will get back to you eventually.

In the meantime, we use Tony Cordato in Sydney. His contact details can be found at:
http://www.businesslawyer.com.au

However, if you’re not operating in NSW, let the forum know and I’m sure somebody will recommend a wrap savvy lawyer in your state.

Cheers, Paul

Hi Nathan

Using a free copy of an Instalment Sales Contract tends to make me think that you be contemplating sitting down at the kitchen table with your wrapees where you will get them to sign all the contracts and bingo it’s all done. This is the shortest route to ending up on Today Tonight as one of the “monster wrappers” out there!!

The preferred method is:
1. Find a specialist wrap lawyer in your state. Many people here on this forum will give you all the correct recommendations.
2. When you find your prsopective wrapees, get your solicitor to prepare the Instalment Contract, the sales contract, the UCCC paperwork, etc, etc and send it off to the wrapees solicitor. It is absolutely imperative that your wrapees get independant legal advice.
3. Our solicitor charges us $660 to prepare all this and complete the exchange of contracts. We’ve heard of charges up to $750 but it’s a small price to pay to have everything done right.

I also suggest you consider joining the Vendor Finance (Wraps) Association of Australia. You can find their web site at
http://www.financewraps.asn.au

Good luck with your new, professionally based, vendor finance business

Cheers, Paul

Hi Shelley

Ahhhh, the advantage of a good property manager. It’s so much easier to say no via your PM and your tenant probably won’t have your phone number.

This person has been quite demanding and recently downright unreliable. My opinion. I would give this tenant notice to vacate.

Cheers, Paul

Hi Robo

Have a look at the exclusive agency agreement that is just about to run out to check, but usually once an exclusive agency has time expired that’s the end of it.

You can then sign up as many agents as you like with non exclusive agencies and you’ll only pay commission to any of those agents if they “physically” introduce the buyer to the property. This physical introduction requirement allows you to find a buyer yourself and not have to pay commission.

Cheers, Paul