Sack them both as they are both meant to be capable of drafting an easement burdening one property and benefitting the other. Usually the surveyor drafts the clause & the lawyer checks it for compliance. In this case I'd say that neither of them are adequately experienced in this part of land law.

It will depend upon your solicitor and whether or not it goes beyond the 'normal' conveyancing service.

It is always best whether it is for old or newer units. You never know whether the body corporate is harmonious, whether it ends up in a fistfight or if there will be special levies on the horizon eg fire safety upgrades, broken sewers, new roof etcIn Sydney, there have been issues with BC being too cumbersome, unable to raise levies or totally…[Read more]

Does anyone know what sort of payback period I should get on my motherinlaw & what the ROI should be? (Back to serious mode).

Yes. If you own you home in your own names ie not a trust etc, then there is no benefit on the interest paid on this loan – so you may be better off paying out this loan and getting rid of any other 'bad debt' ie non-deductible debt. You can then get finance to pay for any other investment properties and this is classed as 'good debt'  with the…[Read more]

I was discussing a similar issue with a potential client earlier today. One of his suppliers had provided some top quality product recently from Qld which cost about double what he was previously paying for local goods, then given another kg of a chinese sourced product.  The first being the best he had ever tasted, the second left a bitter…[Read more]

The cost of licensing in the ACT is almost double than in say NSW. In the ACT it will cost an agent $596 for their licence compared to $315 in NSW. This will obviously contribute to the fees charged.

There is no way of negotiating for these items unless they were deliberately hidden and further inspection was required to uncover them. Your main areas which are negotiable are things like pest infestations/termites, poor building practices/non-compliance otherwise you would be whistling in the wind and any solicitor worth their salt would be…[Read more]

Miike, I'm not 100% certain of the vaguaries of the Vic tenancy laws but in NSW the tenant reimburses the cost of water usage (where it is metered) and utlilities like gas, power and phone are connected in the tenant's name. In Qld where metering isn't the norm, then there is no cost recovery of water usage (nor any incentive to save water).

Did the vendor get a 2nd or third agent to give a market opinion or just run with the managing agent (who may have had a buyer lined up already)?

Although the agents take no responsibility for the actions of the tenants, I would be pushing the line of their responsibility to you to advise and diligently undertake their duties not just collect theri commission. The cost should come out of the tenants bond.As to tehe instructions to the agent you have to tread the fine line between what is…[Read more]

A few questions – did the current agency put the present tenants in place? Did they do a preliminary inspection at the time of taking up the management? Did the agency undertake its obligatory (required) annual property inspections? If they didn't, then they could be in breach of the Fair Trading/VCAT licensing requirements (which state are you…[Read more]

Not much. Generally speaking, most units are of such a size that 'adding' a bedroom means you will have two sub-standard sized rooms and Body Corporate, acting in the interests of all other owners in the complex, do not want to devalue their assets by having a less than optimal solution in the building. You are not adding any additional GLA…[Read more]

Event Horizon wrote:
i am probably missing something but if you own a 200k property for 10yrs say and there is no growth but all your interest and expenses are paid by rent dont you still have the same  2ook property  and a loan for the amount you started  10 yrs ago. Then add buy sell /costs etc and that eats a big hole in your say 50 bucks…[Read more]

It may also look like a direct offset ie $350 in vs $350 out but unless you take your tax situation into account you would probably be looking at a much cheaper rental to move into as you would be paying rent out of your after tax income and your unit gives you pre-tax income.

What you haven't factored in would also be removalist costs and lost weekends fighting for a new rental

Chris, it really depends upon your circumstances, you have many options available.a) buy PPOR in the gong & put your investment plans on hold whilst building up equityb) as above, live in it for a while, move out and use it as your rentalc) buy an IP in Brissy & rent in the gong or whatever other option you'd like.Your decision would ultimately…[Read more]

Cal, comms of 2.2% are very common esp in Sydney, more expensive properties pay even less %. I personally would be looking for an agency which had a better commission split when you have gained the experience. As you are just entering the field, look towards the training that an organisation can give you as you still have a lot to learn -…[Read more]

Now that really Sphynx!

Has the managing agent deducted repair costs from the tenant's bond?The height and spacing of ballustrades is governed by the Building Code of Aust/Aust Stnds. It specifies the minimum height required to prevent falls. There is no need to exceed the minimum height unless there are peculiar circumstances eg person is able to climb on some structure…[Read more]