Forum Replies Created
Thanks for the reply terry.
Does my sister have any legal rights in this issue?
The loan that this idiot signed for is 6 months at 4% per month compounding.
Sorry for the late reply guys.
The mortgage is registered on title.
The lender now has a second mortgage (caveat?) on the property. All done without my sisters consent or knowledge.They are both on title and both on the mortgage. Is there a legal way out if this for her?
Thank you for your help.
Hi again,
im sorry for not responding or giving updates but I have been overseas on business.
an interesting update happened on Friday. The vendors bank contacted our conyeyancer and booked settlement for the 19th of November. Our conveyances was told that the bank would chase the vendor for the remaining amount on a unsecured loan agreement.
fingers crossed everything goes through on settlement without any hiccups.
i will keep everyone posted as news comes through.
hopefully the nightmare will be over.
thank you again.
freddieA
I assume the money is held in trust.
I paid the money to the real estate agent on signing the contract of sale. At the time of signing and putting the licence agreement in to effect, the vendor asked if we could sign a section 27 to release the deposit to the vendors but I declined on legal advice.
I will ask our solicitor in the morning if terminating the contract is an option.
Thank you for your help in regards to this issue.
Hi terry,
The property is located in Essendon, Victoria
Both mortgages were in place prior to us placing a purchasers caveat.
The licence agreement was basically an agreement that we could move in to the property prior to settlement.
We do have a contract of sale and I paid a $100k deposit on the property that I assume is sitting in trust.
Hi again,
Thank you for the replies. I really appreciate it.
I paid a 10% deposit ($100k) on the purchase as per the real estate agents instructions.
I had independent legal advice prior to the purchase but unfortunately I now understand that you you can only find out what a vendor owes on a property a week or so prior to settlement.
Our solicitor spoke to the vendors conveyancer today and was told that they are trying to negotiate a payout for settlement on behalf of the vendor.
I have a feeling this is going to end in tears.
That doesn't sound promising.
I'm having sleepless nights because of this situation.
They have definitely used the $650k for trading stock that probably funded their extravagant lifestyle.
We signed a licence agreement to take possession of the property prior to settlement as we had a couple of properties that were sold with long settlements. We are currently living in a property that we don't own and I am effectively paying their mortgage as per the licence agreement. I have 2 young children and my wife is 7 months pregnant and if the bank doesn't come to the party we could be told to leave the property I assume?
What do I do under these circumstances?
Hi terry,
Thank you for your reply.
This is what I know…
They have a $650k business overdraft secured against the property.
The business is in receivership. The property is owned in private names but the vendors guaranteed the loan? Hopefully that makes sense.
They have a $800k home loan and a $650k business overdraft secured against the property.
The property was valued by the bank in 2010 at $1,700,000.
ajacks wrote:I would have thought that we're moving further and further away from being a cash based society…
Anyway,
The only way to make money from these that I can see is to say in the case of a pub, disallow credit card or eftpos transactions over the bar (Some busy pubs in Melbourne have this) and politely direct people toward the atm in the hall, which they also make a nice cut from….
A
100% right.
A friend of mine owns a bar in Carlton and recently purchased a second hand ATM for $3000.
He pays some bloke $160 p/m for maintenance and pockets $2.50 per transaction.
He does over 600 transactions per month netting him $1500 approx per month.
Thanks mate.
I really appreciate it.
Hi jacM,
Thanks for the reply. My solicitor has been dealing with the vendors conveyancer and the only response that she keeps getting is that they are negotiating a settlement price.
It just doesn't make any sense to me.
Great topic!
We are a 2 car family.
My wife drives a 2006 Mercedes ml320 cdi. I honestly couldn't reccomend a car any more than this.
I recently bought a toy for myself… 1997 Porsche 993 turbo. Very impractical with 2 children.
It is for sale if anyone is interested.
