Vendor Terms Contract

Viewing 9 posts - 1 through 9 (of 9 total)

vonny
Member
@vonny
Join Date: 2010
Post Count: 16
November 8, 2010 - 1:05 pm
Hi,
Just wanted to ask peoples opinions on Vendor terms Contracts?
Yes I’ve read heaps of info that doesnt really suggest doing it (as a buyer).
However, i do know the vendor very well and for many years.
the price, interest rate and repayments on the loan will be decided by the both of us.
and ovcourse it will all be legally drawn up.
So has anybody had any experience with this type of way to be able to get into the property market??
Thanku
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
November 9, 2010 - 1:14 am
As long as you are aware of the Terms upfront and both agree on the Contract conditions i cant see an issue in taking up VF if you feel you cant get a loan through a traditional lender and are happy with the Vendor holding the Title.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 9, 2010 - 8:03 am
I think it can be very good in some circumstances. Its a great way to get into the market with little deposit and a great way if you have had credit problems in the past. The rates are usually pretty reasonable too with little or no break costs to pay out early.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
vonny
Member
@vonny
Join Date: 2010
Post Count: 16
November 9, 2010 - 8:52 am
Thankyou for the feedback
Paul Dobson
Participant
@pauldobson
Join Date: 2003
Post Count: 1,196
November 9, 2010 - 11:58 am
Hi Vony
I agree with both Richard and Terry. I'd also suggest that you make sure you get the legal paperwork drawn up by a solicitor that works with VF regularly. He/she could save you a lot of money and can quickly let you know of the latest "best practice" when it comes to VF.
If you'd like the details of a VF savvy solicitor in your State, let me know. Hopefully you're not in S.A. as S.A. is the only State in Australian that makes it very difficult to conduct VF transactions.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone Me
An alternative way to finance your home.
clint.sellen
Participant
@clint.sellen
Join Date: 2010
Post Count: 3
November 10, 2010 - 6:07 am
Hey Paul,
I’d be interest to know of a VF savvy solicitor in Sydney if you know of one.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 10, 2010 - 10:30 am
Tony Cordato in sydney
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Paul Dobson
Participant
@pauldobson
Join Date: 2003
Post Count: 1,196
November 11, 2010 - 11:31 am
Hi Clint
We too use Tony Cordato. His contact details are:
Cordato Partners
Level 5, 49 York Street
Sydney NSW 2000
P (02) 8297 5600
F (02) 9290 2784
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone Me
An alternative way to finance your home.
clint.sellen
Participant
@clint.sellen
Join Date: 2010
Post Count: 3
November 11, 2010 - 11:43 am
Thanks a bunch!