I've recently bought a property in Vic and had a caveat on it. The settlement was over due and now the vendor's bank want to auction the property. They've asked me to remove my caveat on the property( which I have a contract of sale), should I do what they told me or take them to court. Any advise will be a great help. Thanks
Resisting the bank will just tie up your capital and cost you time & money.
In reality, you are properly better to walk away, and wait to play another day. If you buy at auction there is a good chance you will pay less. If it goes for more you haven't wasted more time and any money fighting for it.
That's what I would do, life is too short.
Modernity Investing
Email MeI bet you used a conveyancer?
Mortgagee in possession? Who do you think would have priority?
You maybe able to sue your conveyancer…
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
hey gobi,
you can go to the banks external dispute resolution scheme. which would either be..
hoped this helped.
tom123 wrote:hey gobi,you can go to the banks external dispute resolution scheme. which would either be..
hoped this helped.
Tom, these organisations cannot assist as this is not a dispute between a lender and a borrower but a priority dispute over title to a property.
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
Agree with Terry these organisations have no authority over Title.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks guys, I think the best outcome for me right now is to walk away from the deal.
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