Hi
I have an interesting problem at the moment and just thought I would share it with you.
I am currently trying to onsell 2 properties that I own-or thought I owned!
My solicitor did a title check before preparing the contract of sale, and found that my name was not on the title. It turns out that the person that I bought these properties from is still on the title. They haven’t been transferred. This is depsite me having owned the properties for about 16 months, and having a loan with a bank for both.
My solicitor has suggested that the bank has probably not lodged the transfer documents after settlement. I am now trying to get the bank to chase it up to find out what went wrong and why.
I will let you know what happens.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw,
Huh thats sounds dodgy. Check if there is not a caveat or some hidden clause anywhere when you signed the papers.
I would ask how the banks could forget to transfer the title to your name AFTER settlement. Doesnt sound right especially coming from the banks!
Vluu
I worked in the conveyancing area of two major banks for over ten years and i can tell you things get lost all the time. (not a lot in comparison to the number of documents processed) but they did get misplaced or someone files the documents in the bank vault and forget to lodge the transfer etc.
If the bank has lost the documents they may need to get another signed this of cause can be a problem 16 mths later when the original vendor may not be located easily.
As it appears to be the banks fault let them do the running around and keep the pressure on them. Regular polite phone calls will get you there in the end.
Just remember the banks conveyancing departments are currently in meltdown mode becuase of all the investors like us buying up big so be patient.
The transfer can be lodged at the settlement for the sale of your property so there is time.
Hope this helps
DavidHi Terry
I have had a similar issue with one of our client’s once. The bank did not register their mortgage! I think Davo’s right… things slip though the cracks (which is really surprising since the banks are always so savvy, efficient and professional… NOT!).
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auWow, that is amazing. Is that for both properties your name is not on title?
Legally you may be alright if you still have contract of sale…. but that is huge since the contents of the title are meant to be the holy grail. Keep us informed and complain about your bank on NOTGOODENOUGH.COM
Yes it is pretty amazing. I had 5 properties with this bank, and I had already gotten to know the names of most staff in their complaints section. various thngs going wrong, delayed sttlements because papers were sent to wrong state etc. The bank is already paying for my extra legal fees on my last 2 property sales.
Now this is a strange situation because the 2 properties were bought months apart, and both have the same problem-names on title still is the previous owners.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
TerryW,
I have heard this sort of stuff ups numourous times before. Legally you got nothing to worry but unfortunately you will have to go through all the hassles.
Have you been receiving council rates notice?. If not have you thought about it in the last 16 months why you haven’t received any?
Ta, Paul
Hi Paul
Good point. I have all of the expenses paid by the tenants and so have (?) arranged for all rates notices, water rates etc go directly to them. I only get a copy if they don’t pay on time. I have a few water rates notices for these properties, but so far no rates notices. I just thought they were paying on time. But maybe not! The council is probably chasing the previous owners. If so, I will then have to pay at settlement and will pass onto the new owners.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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