If you are going to put a finance clause int the contract, it is best to name a lender and the amount. This should allow you easy exit if declined. If you just put something vague, the vendor could find you finance, at a higher rate, and you may be locked in.

Also remember for a contract (for land) to be enforceable they need your signature on a contract. If you have theirs, but they don't have your's they cannot enforce it.

I had a look at that link, http://foreclosedjapan.com/openrealty/index.php?action=listingview&listingID=1044

This property is in Aichi which is a small country province. Looking at the map it is not even close to the city either. Country towns have lower population growth than the rest of Japan, Which is declining, because many young people go live in Tokyo or Osaka.

The rent seems to be pretty high too.

There are plenty of cheap places on the site though. Some as cheap as $10,000AUD.

Hi Cliff

You must be in QLD??? I think that is the only place where they charge more stamp duty for investments. You may be able to get a refund by contacting the Office of State Revenue.

try Mike at http://www.guardianpartners.com.au

What about just going back to work temporarily. You could work in IT for a few months, get the loan and then quit?

It depends on how serious they are auditing. They may just want some questions audited. If they are looking at everything, then they can easily find out your role in a company. An ASIC search will quickly show your directorships and shareholdings. A copy of your credit report will also show directorships. They can get these, if they want to. If they do get your report, they will see all the loans applied for in the past 5 years. This could lead them to wonder….

Anyway, the will know about your trust from the tax returns lodged. You would probably be receiving distributions from the trust.

It would be very rare for them to go this far unless they have specific information. It is not for them to judge whether you would qualify for a loan or not.

ps, the company doesn't own the trust, but is the trustee, which means it owns the assets of the trust, on behalf of the beneficiaries.

You can get the name from Land titles office of your state, online, for a few dollars. But once you have the name, you still need to locate the owner, which is the hard part.

Its a bit hard to understand you without punctuation.

Are you saying you have 14 days to settle because it is completed early?

There will probably be a clause in the contract which states settlement with occur within 14 days of XX happening. This XX has probably happened and you agreed to this, so you must settle. If you cannot, depending which state you are in, they will probably issue you with a notice to rescind. From the date of this you have 14 days, usually, before they can rescind the contract, keep your deposit and keep the property, and maybe sue you. If the value has increased since you signed, this may be their strategy.

You may be able to onsell, but this will take time. You may also be able to negotiate a longer settlement if the vendor agrees, but this may be hard. Xmas is here too, so that will slow things down as well.

You have better start seeking finance and talk to your solicitor quickly

Vstar

Since you have guaranteed some loan, they new lender will want to make sure you can afford to pay these as well as any new borrowings. Having a new structure wont really help much unless the new lender has a vaguely worded application form and they fail to do credit checks, or if they do, they dont ask too much.

When lenders lend, they factor in many things beside rent. Even the rent, they will only take in a certain percentage, roughly 80%. They also look at other income and existing loan which they use a buffer to calculate the interest (factoring in rate rises). They may also assume the loans are PI.

So you would need a very good rent to service. But then the lenders may cap the maximum they will lend to anyone client. There may be restrictions on the number of properties in one area. Country areas may need more deposits etc.

But with careful planning you should be able to go far.

John

Isn't that just the same as paying the loan, or part of it, with the LOC?