All Topics / General Property / Any way out from Investment Property ??

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  • Profile photo of techuser245techuser245
    Participant
    @techuser245
    Join Date: 2011
    Post Count: 5
    November 5, 2011 - 10:32 am

    Hello,

    I have signed up a property with a compnay called star Investing or 360 investing. I was asked to pay 10% deposit from my savings and was advised I can claim tax on it in Melbourne,Australia where i reside.

    I attended few more seminars and it turned out this is not sure. There are few more wrong things which were advised to me by them.

    Just wondering, what legal actions I can take against them and what is the best way to go about it ?

    Thanks.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    November 6, 2011 - 4:53 am

    Hi there

    Did you use a solicitor/conveyancer when paying your 10% deposit and exchanging contracts? If so, I'd be going straight to them for advice.

    Generally, you can claim the interest on borrowed funds that are being used towards purchasing an investment – this isn't the case with cash savings.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Ryan McLeanRyan McLean
    Participant
    @ryan-mclean
    Join Date: 2010
    Post Count: 547
    November 9, 2011 - 11:16 am

    As Jamie mentioned speak to your Solicitor or Lawyer. Have they actually broken any laws or intentionly misled you or given you incorrect information?

    It is possible to add things into your contracts such as a clause where you only have to purchase the property if, on completion date, it is valued at the purchase price or higher. Then if it falls below the purchase price you can obtain a refund of your deposit. You need to get a solicitor to write this up.

    Without knowing more about the situation we cant give you specifics about what to do…but basically you will probably need professional legal advice

    Ryan McLean
    Free eBook "How To Find Positive Cash Flow Property"
    http://cashflowinvestor.com.au

    Ryan McLean | On Property
    http://onproperty.com.au
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    Profile photo of Andrew_AAndrew_A
    Participant
    @andrew_a
    Join Date: 2003
    Post Count: 392
    November 10, 2011 - 3:02 am

    Independent (ie: definitely not a person recommended by the person selling to you) legal advice is worth it's weight in gold in property transactions where we are talking about hundreds of thousands of dollars. They will be able to look at your personal position and offer suggestions. Good luck.

Viewing 4 posts - 1 through 4 (of 4 total)

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