Forum Replies Created
Hiya Diclem,
Is that just a typo or are you in some sort of timewarp ??
I’d hazard a guess and think that maybe one of the Directors of the board is about to swap his purple PJ’s and be upgraded to the white ones.
Just imagine the backroom politics and wranglings behind the scenes for the power struggle – it’d be worse than any Govt election…these boys are like the US Supreme Court judges…once they are in they are there for life.
Being chairman of a 200 Billion USD organisation must be a rush…not that money has anything to do with it of course.
Redwing,
I didn’t read anywhere in the article that the land prices have increased 55% in the past year ?? Are you quoting some developer figures out the back of Butler and just to the right of Baldivis ?? Is there a bit of the article that you haven’t attached ??
Foundation – the rolling statistic quoted is just a ratio of new listings coming in the door and sales going out the door. The turnover would be almost 100% of the stock as time progressed, with some months sales figures being higher than previous months listing figures etc…eg sales for Jan and Feb might be treble what the listings are for June and July.
I take all averages and statistics with a very large grain of salt, especially when they are generated from a cosy little club purporting to represent fully paid up REA members for there own exclusive use and manipulation of the data.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Bonnie,
Excellent – thanks for clearing that up.
Given that set of circumstances that you describe, my suggestion is that you have to accept the conditions imposed upon the lease. The horse has bolted, so to speak.
The prudent thing would have been to step back in time and have dictated to the prospective purchaser the terms and conditions on which you were prepared to leaseback the property you were considering selling to them. More particularly made the entire Lease, and the exact wording, to be agreed and executed before and as a condition on the Sale contract.
Once you signed on the dotted line and accepted their offer to purchase, without first establishing the T&C’s of the leaseback, you put yourself in a very weak negotiating position.
Also, be wary of what blanket conditions are assumed for ‘property’ and “Landlords”, there are many types…and depending on what type you are refering to, the impost or burden upon each party to the Lease varies enormously.
You are really asking a very general question that has many different answers depending on the individual circumstances involved.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Is it a rule ??
Or a quick primary sifting method / guide. I seem to recall alot of caveats hanging off the ‘guide’…these always seem to be dropped or forgotten.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Jenny,
I don’t have a copy of any residential leases to hand right now, but I recall having two standard clauses in the pro-forma…one being the notice period if the tenants have defaulted by not paying rent, it was like issue a notice, then 14 days later you can issue another final notice and that’s it. (Of course, the tenants can drag the poor Landlord thru the tribunal and if they pay rent on the steps of the court you’re back to square 1).
The second standard clause was if the tenant had not defaulted in anyway. I believe the notice period was 60 days. Check your lease…it might be different in other states.
In reference to tom1000000’s comment about “it’s unfair and how would you feel”….that’s unfortunately the largest downside of renting and always a real possibility…getting moved on from your supposed ‘home’, as you have no ultimate control over it…tough…that’s life…if you don’t like it or don’t want to put up with that set of circumstances…you can always go and buy your own castle.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Landt,
In too many places too far removed from decent civilised society, surrounded by too many ‘Rig pigs’ with no moderating / calming effect from women.
To tell you the truth, the worst are probably the Scottish lads I’ve bumped into over the years from the North Sea…boy have they got some funny sayings…not that you can understand what the hell they are saying mind you.
What animal’s name does a Scottish man yell when he has locked himself in the toilet ??
Our very own ‘kangaroo’…translated into “I can’t get out”..
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Bonnie,
I see only two options for you…
1. Sign the lease.
2. Move out.Everyone’s responses are pretty similar.
Re-reading your inital post, it appears the lease has already been signed by yourselves. If this is the case, what is the point of the query ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Heard two that cracked me up when I was working on the rigs in outback Qld…hello to all the Roma and Quilpie boys out there – not sure any would be reading this forum;
1. Refering to an average looking woman
“She’s been beaten around the head and shoulders with the ugly stick”.
2. Refering to an exceptional good looking woman
“I’d swim through a river of sh** just to smell the scabby jocks of the last guy that “bleeped” her.”
Pretty basic humour…but then out there, pretty much everything is.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Marc,
When I say ‘smearing’ of religion, I use it in the same context and with the same level of importance as smearing vegemite on my toast in the morning.
Vital to some, likeable to others, and completely distasteful to many, with yes, a repugnant smell to some who refuse to indulge.
Happy days !!
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
One female Jack Russell named Spotty….
As you can imagine…took a while to come up with the name.
Hi Maria,
We purchased our first house without physically inspecting it and would not repeat the process. It was in Perth and we were living in Glenelg at the time and were not able to get away from work committments.
The prop. didn’t perform, both from a CG and a cashflow perspective. Unsure if this was attributable to the initial non-viewing or not ??
On reflection, I think the non-performance was more the fact that we were inexperienced investors.
In hindsight would have prefered to have read about that pitfall and sidestepped it rather than go through the learning curve blow by blow.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Soum,
Without sounding like a smart-****, one of the biggest factors that will influence your decision on whether to build is :
You actually have legal title over a block of land.
The reason I say this is that in your earlier, recent posts you were enquiring on what to look for on buying a block of land. Did you buy one ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Thanks Del,
I think the ‘nonsense’ bit was added by one of the Admin folk in relation to another post altogether ??
Just looked a bit weird as it followed directly behind mine…and has since been removed…
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Terry,
Noel Whittaker warned in his books years ago about doing this. The original “lived in and loved” home, turns into a cold, empty house with a commensurate drop in value.
His opinion was a ‘home’ sold on the ‘feel of it’, and the option of moving out before selling is about the best way of killing the ‘feel’ of the home.
Real touchy touchy feely stuff, but worth significant $ to the Seller.
All do-able what you say however, just the $’s are being neglected, and I imagine the original question is addressing this point, as is looking for the optimum.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Jan,
Chances are outstanding of imposing the penalty…it just comes straight off the top of the purchase price. Settlement agent and I have been down this penalty track 2 years ago, but that time it was because the Seller lost the Transfer of Land document for about a week, before finding it in her Singaporean kitchen cupboard !!!
This time the mechanism of imposing penalties on the Seller is the same, but the underlying reason is different.
Literally, it boils down to who is responsible for tenants junk everywhere, the tenant or the owner ?? Especially when that junk overflows onto common areas within the remainder of the property that other tenants have access rights to, and make the property unsightly for new prospective tenants. We are arguing it’s the owner, they are arguing it’s the individual tenant.
Leaving the issue for 3 months to fester has been the Seller’s downfall, despite repeated warnings and concerns. Trying to sift and sort hundreds of tonnes of junk in just a few days is the root cause. They’ve had 90 days to clear it up, but being slack, left it to the last minute…and now they are going to pay for being disorganised and dishevelled.
The end result is a list issued to the Sellers to rectify before settlement can take place….the delay and amount stripped off the purchase price continue to rise….
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Well,
Settlement day has arrived, and as expected, the mountain of ‘vital equipment’ is still there.
All of my advisors are saying we don’t need to settle until it’s all gone, and a letter to that effect has been issued to the Seller’s settlement agent.
The sticking point is the Sellers saying that most of the junk is not theirs, and is the other tenants. We are saying we are buying the whole property – not just selective bits of it, and shuffling junk piles from one corner to the next doesn’t constitute clear and vacant possession. It looks like a battlefield still.
We are imposing penalties of $ 191 / day against the Sellers for delaying settlement as per the contract…won’t know if this will hustle them up or not.
Anyone been down this road before ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Hi Landt64,
The only thing I’ve come across similar was a group of 5 units, where in fact it was ‘purple’ title…meaning a company owned the land and all 5 units, and each occupier was the holder of 20% of the shares on issue.
On the purple title there was a note similar to yours, specifying that only owner occupiers were allowed to occupy…shareholders were not entitled to rent the unit out.
Other than Westpac, none of the lenders would even look at it…that was back in ’93.
Are you positive it’s Strata title ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Terry,
But then wouldn’t the uncle’s cousin’s mother’s brother’s adopted grandchildren be up for 66% children’s tax ???? LOL [biggrin]
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Fin,
Yes there is a legal requirement on how rent is calculated. The magistrate will go off what is written down and signed off and agreed between both parties in the lease.
Usually residential lease pro-formas have an option of weekly / fortnightly / calender monthly. Your lease will most likely have two of the above scratched out, the other one is the ‘legal’ one.
If the rent is written down specifically in the lease as $ 400 per week, then that is what the rent rate is….converting it to a monthly figure is an additional exercise that has no bearing on the agreed rate of $ 400 p.w.
Agreed ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
