amazon196969Participant@amazon196969Join Date: 2004Post Count: 15
I am the owner of a duplex pair on one title in Western Australia for sale with the offer of gifted deposit, VF or Rent 2 Buy purchase types. I have had a bit of interest in it since advertising it, so now I need to find answers to a few questions before I proceed.
How do I come to a selling and or deposit figure as a VF or R2B type sale, I am asking $280,000 for a traditional bank type sale, is there a certain percentage used to come up with either figure? I am aware there is likely to be extra legal costs I need to consider with the asking price, but are there any other costs I need to consider?
Would I be better off raising the price of the property or charging a higher interest rate (for tax purposes)??
I am aware the purchaser is responsible for the land and water rates etc, just wondering how this works ie are they billed directly or other, as I understand these bills usually go the the title holder?
If part or whole property is rented out by the purchaser, where do I stand legally should the VF or rent to buy type sale fail? where do I stand with the tenants?
I also question the insurance, as it’s all well and good that there is a clause in the contract that buyer proves they have acquired a policy to cover the property, however this doesn’t stop them from canceling the policy at any time and I would be none the wiser. I wonder if there is a way around this without having to get my own insurance on the property, also should the buyer rent out either side or both I wouldn’t be able to get landlord insurance which covers malicious damage from tenants etc, as they are the landlord as per rental contract.
Thanks in advance.
Ethan TimorParticipant@ethantimorJoin Date: 2016Post Count: 282
- This topic was modified 3 years, 1 month ago by amazon196969.
If I were you, I would get an expert advice to make sure you’re not making a mistake. I’m sure you’ll be able to find plenty of VF legal/other services online 👍😎