Hi, Help anyone please. We have signed a contract to buy a property with a caveat on it. We were informed that we didn't have the right to find out anything about the caveat. Is this correct? Do we just hope it gets removed before settlement. Any advice gratefully received.
Thanks
who told you you can’t find out? it should be a registered document. see your solicitor about it
Hi Ceekay,
Did your contract include conditions addressing & seekign to remove the caveat from title before settlement?
Thanks Scott and Derek
Scott, conveyancer told us we couldn't find out unless the vendor sought to access the deposit
Derek, no the contract didn't include those conditions.
The conveyancer looked over the contract before we signed. We have previously always used a solicitor, but we believed we'd be better off using a conveyancer as that's all they do.
We're still in cooling off.
Is that the vendor putting you overe a barrel so you won’t discover the effect of the caveat until you’ve released the bond unconditionally?
Sounds suss to me.
You are crazy
Go and see a lawyer asap. The caveat should be in the contract, if not then a copy can be obtained easily by finding the dealing number of the title search and requesting a copy at the land titles office.
If it is a family law type caveat or money lent etc be prepared for this property not to settle.
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
And get a solicitor asap. This conveyancer is not looking after your interests.
Thanks so much for this guys. We're out, this property has too many problems.
Good news. You are not so crazy afterall.
This is why solicitors are usually better than conveyancers – you need some advice along the way.
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 learnt my lesson last month. Never use a conveyancer, always use a solicitor. <moderator: delete language> a solicitor can do something about it. My conveyancer just waved a white flag.
That 5 day cooling off gets you some sanity time.
And argue till your blue in the face if the conveyancer tries to charge you anything.
Any for the sake of your hip pocket I definitely suggest you use a solicitor if you ever consider vendor finance. Their knowledge and assistance saved us a bunch in the early days of our business and I find it amazing how they keep us up to date with rules and regs.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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