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Okay, I have spoken to the solicitor as refered to me by Rick Otton’s company. He assures me it is quite legal and has done many of these types of things in the past. His opinion is that solicitors that say it is illegal are quite ignorant.
It is fraud if you do not disclose the information to the bank and also what you intend to do with the funds [as other haves replied]. Now I mean to pay my stamp duty, legal fees, etc with it, so there is no problem.
It is the responsibility of the bank to check the contract.
The seller’s solicitor will speak to mine and I’ll see what comes of it.
I contacted Rick Otton’s company and asked them if they were familiar with the information. They said yes, and they assured me it was legal. They gave me a solicitor in QLD to call to discuss it.
I will see how it goes today.
The quotes from the book are using it in this manner:
“…Also, I need a cheque made payable to my solicitor for $5,000 at settlement to help offset my costs.”
“In this approach, instead of offering $5,000 less or requesting a deeper discount for the property, you’re asking the vendor’s solicitor to pass $5,000 at settlement to your solicitor to offset your cost of purchase.”
Hello Robert,
Thank you for your views on this matter. It is good to get different perspectives.
As for some a bit more practical. The seller is willing to do this, but your view is that it is illegal. Can you give any alternative suggestions to get a property with low money down with this seller?
Josh
Thanks for the contact Paul. It really gives me somewhere to go with this.
I actually got in contact with the firm that ‘we buy houses’ uses. Just waiting for a call back.
I’ll keep people posted on what I find out.
