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  • Profile photo of Jack DempseyJack Dempsey
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    @jack-dempsey
    Join Date: 2003
    Post Count: 5
    July 9, 2003 - 1:06 pm

    Sale usually negotiated on terms of $100K, $35k cash to vendor and take over $75K debt, therefore property “sold”

    Hi Stephanie, much appreciate your post as this is a crucial area for me. Can you elaborate on any knowledge you remember? What does the above sentence mean?

    All the best
    Jack

    Innovative Real Estate Solutions & Mortgage Broking – All The Loans Under The Sun
    0405 475 764

    Profile photo of Jack DempseyJack Dempsey
    Member
    @jack-dempsey
    Join Date: 2003
    Post Count: 5
    July 9, 2003 - 1:01 pm

    quote:

    Omitted info from above post….
    My understanding of the situation is that as part of the contract, the party taking over the mortgage has a claim
    (caveat/encumberance?? apologies for linguistic limitation)
    placed on title after the original party is paid out. Sale usually negotiated on terms of $100K, $35k cash to vendor and take over $75K debt, therefore property “sold”

    Innovative Real Estate Solutions & Mortgage Broking – All The Loans Under The Sun
    0405 475 764

    Profile photo of Jack DempseyJack Dempsey
    Member
    @jack-dempsey
    Join Date: 2003
    Post Count: 5
    July 9, 2003 - 10:46 am

    I’m very interested in this topic. Does anyone have any experience in taking over the existing mortgage payments in NSW? This is common in USA using a Quit Claim Deed. I have a copy of a legal Quit Claim Deed used in USA, but lenders in Oz have told me they don’t want to know about 3rd parties paying off mortgage payments. One lender told me it was quite common but hush hush in the case where a family member would make payments on the loan of the other family member whose name is on the title and the loan. Lots of free brownie points to anyone who can contribute to this discussion

    Innovative Real Estate Solutions & Mortgage Broking – All The Loans Under The Sun
    0405 475 764

    Profile photo of Jack DempseyJack Dempsey
    Member
    @jack-dempsey
    Join Date: 2003
    Post Count: 5
    May 28, 2003 - 10:49 am

    I’m not an expert but I am the beneficiary of a trust set up to protect assets. Generally a trust is safe for assets but there are some grey areas which need to be talked through with experts. Unfortunately experts can cost a fortune. Our trust cost $$$ to set up. I can give you the name of the company in Sydney where I did it. He’s a nice guy and will be quite chatty if he’s not too busy.

    Profile photo of Jack DempseyJack Dempsey
    Member
    @jack-dempsey
    Join Date: 2003
    Post Count: 5
    May 28, 2003 - 10:44 am

    quote:

    Hi there,

    Have a question about business structure. What is the better option, out of a trust or a P/L company.

    I would like to setup a legal entity to put my properties under, which are owned in joint with a friend. Just wanted to know which is better in terms of protection of those assets in the instance where legal action is taken against me.

    Also which entity is the more tax effective option when the property is in joint ownership.

    [:D] Cheers!

    Seb

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