Hi everyone,
I’m refinancing my IP, and the land title has a line in it saying
‘REGISTRATION OF DEALINGS WITH THIS UNIT IS RESTRICTED’.
This has my broker and the bank stumped. It’s a strata title flat in a block with 23 others. Any ideas anyone? [blink]
Thanks
Landt.Hi Landt64,
The only thing I’ve come across similar was a group of 5 units, where in fact it was ‘purple’ title…meaning a company owned the land and all 5 units, and each occupier was the holder of 20% of the shares on issue.
On the purple title there was a note similar to yours, specifying that only owner occupiers were allowed to occupy…shareholders were not entitled to rent the unit out.
Other than Westpac, none of the lenders would even look at it…that was back in ’93.
Are you positive it’s Strata title ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Hi dazzling,
thanks for your reply. It’s definitely Strata title, not company title. Does anyone have any idea who I should ask?
Thanks
landtSounds similar to a caveat. Have you asked the land titles office? Does it have a number next to it? if so you should be able to get a copy (of whateve it is) like you would with a caveat and this should outline the restricitons.
A solicitor would be the next best person to call.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[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
Hi everyone,
I’ve spoken to the land titles office, and they’ve advised that it’s because there’s a car space on the title. Any dealings must be done for both the unit and the car space, they cannot be seperated.This may be useful for someone else.
Thanks,
Landt.Thanks for that, it was an interesting point.
Thanks Landt, TerryW and Dazzling. All worth knowing.
Anne.
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