They would have paid a small holding deposit which she would be able to keep, but not the full 10%.Delmar, please tell us the wording of the finance clause.

Delamar wrote:
You should seek legal advise asap. Usually finance clauses have an expiry date well before settlement. If you haven't notified them that finance was not approved then you may be locked in to the purchase. Depending on which state you are in you may have just 14 days to settle if they issue a notice to complete. If you don't settle…[Read more]

You should never sign a contract without getting legal advice. you had better talk to your lawyer asap.

Not sure why they have signed that already when they were still waiting for finance.I think you will have lost because you thought you had a binding contract when you didn't. You have assumed too much. Did you get legal advice on signing the contract?

But that is what you agreed to by allowing a finance clause. You could have said you would only accept an unconditional offer which would mean the contract would be binding on signing and exchange.

Hi J.If you have done proper research into the costs and you think they are accurate then you should be fine. I haven't looked into this, but do know someone with some property which is unstrataed and it will cost him much more to strata. Lots of work needs to be done to comply with the various regulations such as fire exits and fire proofing…[Read more]

You do not have a binding contract until all of the conditions are met. They probably should have notified you and asked for an extension or withdrew from the contract – it technically could be binding because of this and you may be able to sue them for the full 10% deposit. Best to check this with your lawyer.But realistically it isn't sold yet…[Read more]

I don't want to dampen your enthusiasm, but think you might be a little low on your costs.

Sounds extremely risky to me and I don't think you would be able to finance it.You will get a max loan of around 66 to 70% of end value, including capitlising interest so you will need much more cash. Rates will depend on the lender which will depend on the number of pre-sales etc. maybe 13% on a low doc type basis.BUT Are you sure there is profit…[Read more]

Have a look on the centrelink website. If someone on the pension or near pension age gifts away money they have various rules – which I haven't looked into as have had no need so far.

In Australia lenders wouldn't even look at a business plan.

HI DarrenNo need for a company C at this stage. I didn't know you had 2 companies in the mix already.Your company A must be acting as trustee for the discretionary trust or the shares of company A must be owned by the trust.You might as well distribute profits from the trust to individuals if their marginal tax rates are less than 30% and then…[Read more]

I suggest you buy one in your own name to take advantage of the CGT and land tax exemptions and then look at using a discretionary trust

Hi JackSection 118-140 of the INcome Tax Ass Act 1997 INCOME TAX ASSESSMENT ACT 1997 – SECT 118.140 Changing main residences              (1)  If you * acquire an * ownership interest in a * dwelling that is to become your main residence and you still have your ownership interest in your existing main residence, both dwellings are treated…[Read more]

And it is only one main residence per couple too.IT pays to stay single!

They can gift you the house with them transferring the house into your name. But this will mean stamp duty will be payable on the value of the place. This could also affect their centrelink payments such as pensions etc. If they transfer it to you then it is yours and you will have equity of the full value. You could also buy it off them for the…[Read more]

see http://www.fairtrading.nsw.gov.au/About_us/Legislation/Comment_on_proposed_legislation/Draft_Residential_Tenancies_Bill_2009.html

I don't read the age, but could he mean months listed?

You could take them to the residential tenancy tribunal for the damages they have done. You can get a court order that they pay you money. You can then get further orders to garnish wages, bank accounts or seize property. You don't have to do it straight away but have up to 12 years to enforce the order. I have one on a tenant and have been…[Read more]

You only get one property which is CGT exempt. (except for a 6 month overlap period when you can claim 2).