Ryan_vs replied to the topic Unconditional… any way to exit contract 1 week prior to settlement? in the forum General Property 5 years ago
Hi Azalia, just a thought, if you renovated NOW before the tenant moves in you will be able to claim depreciation on those renovations, likely improving your cash flow during the period you own the property. As Benny mentioned, you would also likely benefit from higher rent.
The timing may not be right for you, but it may be something to consider…[Read more]
Roberto, it's actually quite possible that the agent is being honest in this case. It's not uncommon for a high offer to be put forward that the owner accepts, only for the sale to fall through. From the owners perspective they think, it's obviously worth what they're asking,
True the agent may be trying to justify in your mind that the asking…[Read more]
Ryan_vs replied to the topic Nearing end of listing duration – implications for negotiating? in the forum Help Needed! 7 years, 5 months ago
How do you know the lease is about to expire?
In most states, if the agent introduced you to the property, even if you purchase it once the agreement has expired and no longer listed, the owner is still liable to pay the agent commission.
According to http://www.consumer.vic.gov.au/, "…Do not sign anything, including a sales authority, unless you are prepared to engage the services of that agent. You do not have a cooling-off period (time to change your mind) after signing a sales authority."
Not sure what you could do legally.
At the end of the day, I guess you could just not allow the…[Read more]
That rule is applicable to the original construction only (div 43), you will still be able to claim the fixtures and fittings (div 40) regardless of age as they get revalued, so to speak, upon settlement and their depreciable lives restart. Check with council maybe on the construction date. Or better yet, most QS companies can do a 'search' for…[Read more]
One thing I would look at is if your first purchase will later become an investment, than it can become difficult to look at your purchase objectively. What I mean is, you may miss out on a great investment with solid returns, because you couldn’t see yourself living there for whatever reason. Alternatively, you may find a property that you love…[Read more]
Also, I remember after a deposit was paid to us the Admin girls would prepare/post a letter to the vendor advising the amount in trust. Similar documentation was also provided to each parties conveyancer/solicitor
Generally speaking, (in NSW anyway) deposits are held in trust with the estate agents. if there is a deposit they should be able to produce trust account receipts as proof. There should be no reason this cannot be shown.
No problems, jasedc5r
The deposit isn’t entirly necessary when offering to be honest, It is a must to exchange the contracts though.
To be honest, during the offer stage the deposit is more so a sign of ‘commitment’ so to speak, a show that the offer is genuine.
It’s pretty powerfull as an agent visiting a vendor with a signed contract and a…[Read more]
Hi Mate, long time lurker, first time poster.
To answer your questions;
Not sure why you need a holding deposit to even place an offer? sometimes deposits are placed at the offer stage, but not sure why before?
Anyway, firstly beware of holding deposits as the name is a little deceitfull.
I’m an ex estate agent from NSW, and a holding deposit does…[Read more]