Hi folks,
I am on the verge of signing a contract to purchase from a mortgagee in possession in Qld. Looking at the contract, I am almost certain there are body corporate levies outstanding – it would be usual behaviour for a bank once they have taken possession (which was a few months back).
I’m doing the conveyancing myself and got the Body Corporate Secretary details, rang them up and sure enough there’s about $4500 owing. To get the latest minutes though, the secretary referred to needing a Form 8 request.
Anyone know where I can get this Form?
Cheers!
Magic, congrats on your purchase but as this is not the usual scenario of a clean purchase why would you have steered away from having a conveyancer (all on $1k or less) do the work for you?
Because my time is flexible enough I can chase down all the details & searches, I am curious about the conveyancing process and it’s finer details, and I will likely end up with some spare cash in pocket that can go immediately into the mortage.
Unpaid fees are usually paid by the vendor at settlement- you give the vendors solicitor a cheque and he pays the bank the money they are owed, the strata money they are owed, water rates that are owed etc etc and the vendor keeps what is left. You are in trouble if there is no money left to pay the fees as you may be stuck with the bill. I have no idea how you sort this out- a solicitor or conveyencor would know!!!
Luke.
Unfortunately it is not as simple as that…. Depending on the mortgagee's special conditions in the contract, they might not even be obligated to pay out the body corporate / rates / water arrears at settlement, and you could be left with the outstanding bills. If you were selling a property it would be somewhat easy to do the conveyancing yourself, but with buying, it is a minefield and you really do need a solicitor. Feel free to contact me if you still need help.
Well, I signed the contract today and felt I had a pretty good handle on Outgoings. My searches have found outstanding council rates will be $4700 at settlement and body corporate levies will be at roughly $4500. No land tax, probate or any other things i could find. I made it a special condition that the Seller provide cheques for these amounts on settlement date – so that way I can make payment quickly rather than having to chase up whether some third party has done their job or not.
I appreciate everyone’s comments and if anyone is interested in being my agent at the settlement in Brisbane, I’d be happy to have a chat. I’m in Townsville and have agreed to a settlement in Brisbane as both the bank and a lawyer friend advised that almost all mortgagees in possesion are settled in Brisbane.
It is usually the vendor’s solicitors/Conveyancer who instructs the purchaser of the construction of the settlement cheques not vice versa. So be prepared to have several bank cheques drawn for settlement.
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