Hi RickyIf you go towww.yellowpages.com.auand search for "justice of the peace" in Melbourne CBD you'll get the details of 10 JP's in the CBD.Cheers,  Paul

Hi jczJust for your information a Residential Lease and a Call Option are used to setup a Rent To Own (RTO).  They can be setup for whatever term is agreed upon and if the tenant/buyer defaults, the  CTTT (NSW), QCAT (Qld) or VCAT (VIC) could be used to enforce an eviction.  Personally we don't like them much as the government doesn't consider th…[Read more]

Hi j260899jAs Michael has already posted the link to our negative2positive site, I'll presume you had a read.  We use Lease/Options but tend to prefer Vendor's Terms (Instalment Contracts).  They aren't inherently difficult, i.e. you could find a number of solicitors in Sydney to write up the legal paperwork for you, just by doing a search of t…[Read more]

I couldn't agree with Terry more.  We've done a lot of Options, of various flavour and have always had a solicitor draw it up for us.  I been continually surprised by the additional points we've needed to cover, I haven't thought of.  It definitely works for us.Cheers,  Paul

Hi MurasakiNot really.  Bell mentioned that he was looking to hold the property for a period of time, while he does the work he needs to do, prior to on selling it.  He didn't mention on selling it with VF, so I didn't cover that.With a Lease and a Blind Option, Bell would be able to occupy and control the property, while he does the necessary r…[Read more]

HiWA is a bit short of vendor finance savvy solicitors but  http://www.equitaslawyers.com.au  should be able to help.  Ask for Martin.We don't deal with sellers while they have a current listing agreement in place with an Agent.Ask property managers, not agents, "do you have any properties for rent that have come to you after they didn't sell?"  It's a g…[Read more]

HiThe vendors are offering you what we call a Second Mortgage Carry Back (SMCB), i.e. you get a first mortgage on the property for $460K (i.e. approx 73% LVR) and they will supply you with a second mortgage for $230K (you plan to use $60K to pay off debts).Before the GFC and the new National Credit Code, SMCB's were easy to get across the line,…[Read more]

Hi KrishRP Data has the capability of doing a State wide or Suburb level, ownership search on a Family Name or Company name.Cheers,  Paul

Hi LiamWe send in the variation once the IC has "exchanged" and the new buyers have taken possession.  At this point our solicitor, sends us a letter outlining all that has taken place, along with a variation form and instructions on how to fill it out.We complete the variation form, send it to the OSR and they come back with a letter requesting…[Read more]

Hi LiamThe NSW Government consider land is disposed of when exchange of contracts takes place.  With an Instalment Contract (IC) exchange of contracts does take place but, of course, the title stays in the vendor's name until completion of the Contract.As vendors under an IC, we put in a Land Tax variation form, found…[Read more]

Hi TroyWhether I'd suggest you use VF to sell this property would depend on your future plans.  If you've set out a plan that includes a positive cash flow strategy for this property then, yes I'd probably suggest you consider selling it with VF.However, at this point, all that seems to have happened is your tenants have expressed an interest in…[Read more]

Hi AnthonyGreat advice.  If I was asked to add one more I'd suggest you be very wary of making an investment decision based on the tax benefit you'll receive.Cheers,  Paul

Hi tjunctionYour summary of the flow needed to buy a property with some form of vendor finance (VF) looks pretty spot on to me.  Also, yes you'd be crazy to think that you'd be able to buy any property you run across with VF.However we have bought a lot of properties with VF and have found that, as the years have gone by and VF has become more…[Read more]

Hi MarkGreat advice from Emma and I obviously owe Jason another coffee While you'll often pay a premium price for a property being sold with vendor finance in a standard market (what ever that is), the current market in Qld is far from standard and there are some great buys to be had.  We have recently been able to negotiate the purchase of…[Read more]

Hi JakeI'd recommend you have a look at the Newcastle and Port Stephens area of coastal New South Wales. Newcastle has got to be the best little city on the East Coast and Port Stephens is a great coastal holiday area right next door. All still only 1.5 to 2.5 hours from Sydney.Cheers,  Paul

Hi SashI recently finished Robert Kiyosaki's latest book, Unfair Advantage.  I recommend it as a great holiday read.Cheers,  Paul

Hi Amy I believe your understanding of the CGT implications of selling a property are correct but I'm not an accountant and I suggest you get professional advice on both your questions.  Two internet resources on this question are: 1.  Point 5 at  http://www.jvpropertypartners.com.au/index.php?option=com_content&view=article&id=45&Itemid=74 2.…[Read more]

Hi AmyYour mortgage documents probably say no you can't do it but then your mortgage documents probably also stipulate that you have to get the lender's permission to rent the property, renovate the property, sell the property, etc, etc.  So you can't but, have literally thousands of properties been sold all over Australia with vendor finance…[Read more]

Hi DebbieWe just assisted with one in Malanda (up behind Cairns).  The Sunshine Coast is easy Cheers,  Paul

Hi DebbieIt may be possible to turn the property around from an $800 per month loss to positive cash flow by selling it with vendor finance (VF). Of late we have been getting a lot of calls from people in a very similar situation, so you're definitely not alone.  You could setup the vendor finance arrangement over five years or so and, by then,…[Read more]