All Topics / Legal & Accounting / Caveat on property being purchased

Viewing 13 posts - 1 through 13 (of 13 total)
  • Profile photo of CeeKayCeeKay
    Participant
    @ceekay
    Join Date: 2012
    Post Count: 13

    Hi, Help anyone please.  We have signed a contract to buy a property with a caveat on it.  We were informed that we didn't have the right to find out anything about the caveat.  Is this correct?  Do we just  hope it gets removed before settlement.  Any advice gratefully received.

    Thanks

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    who told you you can’t find out? it should be a registered document. see your solicitor about it

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi Ceekay,

    Did your contract include conditions addressing & seekign to remove the caveat from title before settlement?

    Profile photo of CeeKayCeeKay
    Participant
    @ceekay
    Join Date: 2012
    Post Count: 13

    Thanks Scott and Derek

    Scott, conveyancer told us we couldn't find out unless the vendor sought to access the deposit

    Derek, no the contract didn't include those conditions.

    The conveyancer looked over the contract before we signed.  We have previously always used a solicitor, but we believed we'd be better off using a conveyancer as that's all they do.

    We're still in cooling off.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    Is that the vendor putting you overe a barrel so you won’t discover the effect of the caveat until you’ve released the bond unconditionally?

    Sounds suss to me.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    You are crazy

    Go and see a lawyer asap. The caveat should be in the contract, if not then a copy can be obtained easily by finding the dealing number of the title search and requesting a copy at the land titles office.

    If it is a family law type caveat or money lent etc be prepared for this property not to settle.

    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

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    And get a solicitor asap. This conveyancer is not looking after your interests.

    Profile photo of CeeKayCeeKay
    Participant
    @ceekay
    Join Date: 2012
    Post Count: 13

    Thanks so much for this guys.  We're out, this property has too many problems.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Good news. You are not so crazy afterall.

    This is why solicitors are usually better than conveyancers – you need some advice along the way.

    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

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    I learnt my lesson last month. Never use a conveyancer, always use a solicitor. <moderator: delete language> a solicitor can do something about it. My conveyancer just waved a white flag.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    That 5 day cooling off gets you some sanity time.

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    And argue till your blue in the face if the conveyancer tries to charge you anything.

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    Any for the sake of your hip pocket I definitely suggest you use a solicitor if you ever consider vendor finance.  Their knowledge and assistance saved us a bunch in the early days of our business and I find it amazing how they keep us up to date with rules and regs.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

Viewing 13 posts - 1 through 13 (of 13 total)

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