Forum Replies Created
- watsonc wrote:The problem is, someone would still own the land right?
The land 'Common Property' other than the Strata Units themselves would still be 'owned' by the Body Corporate/Owners Corporation.
In some States a Title for the Common Property may not have even been issued.
Really a non issue unless you wished to totaly redevelop (knock down & rebuild etc).In this case if all the Strata Units are owned by one owner then the Common Propertry would also be theirs (rather than an 'undivided portion')
Yes there would be no need for a Strata Management Company.
I stand to be corrected but I don't think there is ever a need/requirement for a Starta Management coy if one or a few of the owners are willing to take reasponsibilty for the Strata management i.e arrange insurance call & run the AGM etc. I owned a unit that was run like this foe many years however due to disputes amonst the owners a Management Coy was appointedUsually the Banks just ask for confirmation that you do actually work there and also if Full time, Part time or Casual and also for how long
With the Privacy Act they can't ask for salary details (which is verified by the payslips that you'll need to provide) or if there are any 'performance issues' although they may ask if overtime is regular or only when required (some jobs have regular O/T of 4-5 hrs per week etc)
If the Garage has remote access etc try the Body Corporate / Owners Corporation for the access key / remote.
In need the Owners Corporation can chase the previous owner for the return of the access key but they should be able to provide you with a new one.
For 'Common Items' like this they should have a control process in place (they probably don't) to ensure these access keys are returned otherwise it can create problems with previous owners/ tenants gaining unauthorised access to the garage etcBasman wrote:Thanks for the prompt reply!!How do i get a copy of the trust deed??
Is it available from the ATO, or somewhere?
Unfortunitely, unless the Trust is involved in property matters in QLD, Trust Deeds are not usually registered or lodged anywhere (not ATO or ASIC etc) only your Husband and / or his Financial advisor or solicitors/Accountant would have copies
However copies of Trust Deeds can be requested by Family Law or other Courts if it ever gets to that
I live in a top floor flat with a Flat roof and is noticably hotter on the hot days we get in Melbourne, our block is also approx 40 y.o. but due to low sales in the particular block no apparent difference in price is really apparent
The Block was 'Renovated' some 9 years ago and appart from the 2 downstairs units with courtyards the flats where about the same price (slight differences in layout)
Mortgagees do have an obligation to sell properties under 'Mortgagees Auction' for the best possible price with any surplus after payout the debts + fees & charges to the mortgagor/owner. They can't just set the reserve for what the property owes them
Banks will often obtain an independant Market Valuation to establish a fair price to cover themselves in case the mortgagor makes a claim for 'underselling' the property.
Buying at a mortgagees auction may mean you get a property at a good price (maybe $10k-$20k ~5% less) rather than an obsolute barginOf course in Alleycats case he was lucky that the Bank had a 'undesirable' property and after 8 months the Bank could 'off load' it at a bargain with little risk of any claim from the mortgagor
Sure the "Bank" valuation maybe $500k (this maybe from a 3rd party registered valuer) however often the Banks will only base their LVR on the "Contract Price OR Valuation whichever is the lessor value.
Either way you appear to be buying at a bargain price
So maybe best to check with your lender to confirm which 'value' they will use to ensure that LVR remains > 80% to avoid Mortgage Insurance etc
If the lender uses the Contract Price of $400k you will need 20% deposit PLUS costs i.e. $80k + costs (S/duty etc)
Terryw wrote:Maybe up to a $1000 extra. I think there are some solicitors that advertise their specialty in this area. Perhaps the Law Society could point you in the direction of one.This is about the figure that they will charge extra "Old Law' is not really that hard anyway if you have some experience.
On the upside you maybe able to negotiate a more favourable purchase price due to the extra hassleThe Land Titles Office will insist that it be converted to Torrens and appropriate documents must be prepared & lodged, at least the survey requirement has now been waived in most instances
Some lenders may have trouble with this also so maybe check this out as well prior to comitting to a Contract, however as the Title will be converted most of the bigger Banks should be able to handle it, just don't expect your Broker and/or Lending Manager to understand
Terryw wrote:With a trust it is the trustee who is the legal title. The trust is not a separate legal entity and its name cannot go on title. It is just the full name or names of the trustee.eg If your trust is the Smith Family Trust with Simthy Pty Ltd as trustee, then the title needs to be in the name of Smithy Pty Ltd.
If the trust is Smith Family Trust and Richard Smith and Nancy Smith are the trustees, then the title needs to be in the names Richard Smith and Nancy Smith.
Also, you should never be signing a contract without checking and running it through your lawyer first. If you get it wrong it could be very costly – like paying stamp duty a second time.
Terry is correct, however in Queensland the Trust can be (& probably should be) registered with the Dept of Natural Resources (QLD Titles Office) and can then also be noted on the Title, the Trustees will remain as the registered proprietors
A verbal agreement is not worth the paper its written on, its only legaly binding if both parties want it to be
Terryw wrote:Not sure what you mean by the DSR. Are you saying the bank is reducing the limit on your loan because of one stopping work?DSR = Debt Security Ratio (LVR)
(Long time Bank/Finance worker
