Guys, will appreciate a lot if someone can give an answer to my questions
1. My solicitor did not tell that I should order building report prior to paying10% deposit (expiration of cooling off period),is it normal? I decided to get it ordered tomorrow.2. My solicitor said will do the title search later near settlement day, is it normal? When normally it needs to be done?
3. What I need to do between the expiration of cooling off period till the settlement day?
I got the strata report, it seems all fine, but it mentioned smth about flood vulnerable area, and some townhouses in the strata, got flooded once or twice. (Not my townhouse). Therefore I am now lil bit worried for not ordering building report before.
The property is 30 years old (all the townhouses under the strata).
1. Solicitor should be advising you to get reports done.
2. The contract will have a title search in it. How old is it? one will need to be done just before settlement to make sure that there are no caveats etc which could be lodged just before settlement. Will cost you each time a search is done.
3. get finance fully approved before cooling off. solicitor will tell you what else needs to be done. answer requisitions on title questions, get funds to complete organised, sign transfer etc.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
ferdinandch wrote:Guys, will appreciate a lot if someone can give an answer to my questions
1. My solicitor did not tell that I should order building report prior to paying10% deposit (expiration of cooling off period),is it normal? I decided to get it ordered tomorrow.2. My solicitor said will do the title search later near settlement day, is it normal? When normally it needs to be done?
3. What I need to do between the expiration of cooling off period till the settlement day?
I got the strata report, it seems all fine, but it mentioned smth about flood vulnerable area, and some townhouses in the strata, got flooded once or twice. (Not my townhouse). Therefore I am now lil bit worried for not ordering building report before.
The property is 30 years old (all the townhouses under the strata).
Umm your solicitor isn’t really good…
1. solicitor Should have advised all reports to be done to cover his “legal ass” before 10%- it takes 1-3 days for the report…as need to have access
2. Title search should be in the sale contract; but one can be organised online for $19 instantly
3. Get finance ready…As a matter of fact…i normally DO NOT let my clients place a 10% down unless the finance is 1-2 days away form “unconditional approved “; because a lot of banks can not get the approval done within the given 5 days.– Flood- If your area is flood prone ; your going to have a bit of trouble with the valuation + bank… look at the sale contract – it tells you the flood ratio ( or go to the council websites..it also tells you the flood ratio for each street- it’s part of their flood control management department) — if the ratio is LESS then 1: 100- you be limited to only a handful of lenders that would finance this place
If it’s 1: 50- then you better make sure the LVR is less then 65% and you better consider getting your 10% deposit back…hopefully it’snot less then 1: 25…So my advice- read the sale contract- something your solicitor should have done for you before 10% ( or email me the contract and i can check the flood level for you if you want) + jump onto the councils website and check the flood ratio for that street.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Thats the trouble with using a cheap solicitor. high risk for the client and themselves.
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 Michael and Terry,
Thanks for replying
There was no problem with the loan. Tomorrow, my broker said, bank will give unconditional approval. Bank also values the property as very low risk property.
I read the sale contract again and all the descriptions from the council, nothing is worrying. Not affected by any hazard risk. My solicitor mentioned about that before I exchanged the contract.
Now my only concern is I need to order building report ASAP. And Friday is the end of cooling off period, means I need my solicitor to ask for an extension.
I checked again the sale contract, there is title search performed on 31st May 2011. It should be recent then.
Regards
FerdinandTerryw wrote:Thats the trouble with using a cheap solicitor. high risk for the client and themselves.I would say that’s what happen when you use a “Money driven” and greedy solicitor- you get the service you pay for
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
ferdinandch wrote:Hi Michael and Terry,Thanks for replying
There was no problem with the loan. Tomorrow, my broker said, bank will give unconditional approval. Bank also values the property as very low risk property.
I read the sale contract again and all the descriptions from the council, nothing is worrying. Not affected by any hazard risk. My solicitor mentioned about that before I exchanged the contract.
Now my only concern is I need to order building report ASAP. And Friday is the end of cooling off period, means I need my solicitor to ask for an extension.
I checked again the sale contract, there is title search performed on 31st May 2011. It should be recent then.
Regards
FerdinandFair enough- didnt sound all that positive compared to your another post…it was so negative + you sounded worried lol
Glad it’s working out either way!
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
I have confirmed with the broker, the finance should be formally approved today. Within hours he will let me know.
My only concern now is to ask my solicitor to organise a building report which can take upto 3 days. But I asked him to find a way to get it done tomorrow, which I don’t know he can do it or not, still waiting a call from him. That means a few days extension is needed and my solicitor needs to communicate with the vendor’s solicitor.
Why didn't you order the building report yourself? It would have been cheaper possibly and you could have controlled it yourself.
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
I’ll do that if they cannot do it. But I got a call from the solicitor, he said, it can be done tomorrow the report, but might be verbally tomorrow then they will give me the report soon after that.
Don't base your decision on a verbal report. too dangerous.
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
Guys,
I am considering to get a life insurance, trauma insurance and income protection insurance. Do you know how much I have to pay in premium for a decent cover?
Recommended Cover Details
Term Life Cover : $ 700,000
Income Protection : $ 3,000
Trauma Cover : $ 150,000I got this from iSelect SOA. But they didnt give any quote for the premium. I actually hate how it works.
Many thanks for any suggestion and help
Ferdinand
The price will vary depending on you age, whether you smoke, health etc
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 wrote:The price will vary depending on you age, whether you smoke, health etcYour personal information
Date of birth: 1984
Gender: Male
Medical conditions: None
Income: 57500
Household debt: 430000
Have you smoked in the last 12 months?: No
Have you ever been declined life insurance?: Noferdinandch wrote:Guys,I am considering to get a life insurance, trauma insurance and income protection insurance. Do you know how much I have to pay in premium for a decent cover?
Recommended Cover Details
Term Life Cover : $ 700,000
Income Protection : $ 3,000
Trauma Cover : $ 150,000I got this from iSelect SOA. But they didnt give any quote for the premium. I actually hate how it works.
Many thanks for any suggestion and help
Ferdinand
You can get the term life and trauma via your super ( AMP allows income protection as well) …
1. prem can be paid via salary sacrifice before tax
2. using and tapping into your super in a effective wayRegards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Hi Michael,
I am currently with REST. Does that mean I have to rollover to a new super fund that can accommodate those insurance ? I do not know actually how it works technically. With REST, if I can recall, they also offer insurance, maybe I just need to increase the cover amount.
Ferdinand
Michael suggestion is a valid one although of course your Financial Adviser / Broker will not be recommending that route as they do not earn a cents now on insurances written thru Super.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ferdinand – im not registered to advice on REST product…and to be honest i dont know much about what REST offer.
However being “student” financial planer in training i do know you can get a lot of these “life” insurance via your super- so give REST a call and see what the offer is…yes you can simple increase the limit as you wish; it’s normally written in your quarterly super statement
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Guys,
I want to ask a question, the scheduled settlement date is 11/08 and I really want to settle early, say it 04/08, even though there is still tenant living there, I don’t really care, I don’t mind to pay interest from 04/08 to 11//08. Is it possible to do that? The sale contract said it will be vacant at the settlement date, so I assume from 11/08, if the tenant is still there, I guess it will be the vendor’s problem, is it correct ? I don’t know what is my legal right regarding this.
Cheers
Ferdinand
ferdinandch wrote:Guys, I want to ask a question, the scheduled settlement date is 11/08 and I really want to settle early, say it 04/08, even though there is still tenant living there, I don't really care, I don't mind to pay interest from 04/08 to 11//08. Is it possible to do that? The sale contract said it will be vacant at the settlement date, so I assume from 11/08, if the tenant is still there, I guess it will be the vendor's problem, is it correct ? I don't know what is my legal right regarding this. Cheers FerdinandAsk your solicitor.
You can settle early if the other side agrees. The tenant will be your problem then – what if he won't leave?
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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