Forum Replies Created
The vendor owns the property until title is passed to the purchaser up until that point your name is not on the title as owner although your solicitor may have placed a caveat on the property.
If you are going to undertake a subdivision, it shouldn't be completed before ownership is transferred to the purchaser. BY all means, submit your DA (which needs the owners consent) however you will be contracting to buy 1 property not 2, so your contract for sale of Block A may not be a valid contract for the purchase of block B & C even though it was the same parcel of land. The vendor may not have wanted all of the work involved in getting the subdivision done, so you don't want to give them any excuse to complete the works should you fail to settle.
there are 2 ways of determining the street address of a property – one is Aust Post (the postal address, which in this case is the kingsway) and secondly Dept of Lands (lot and title details confirm property is Mansfield st not the Kingsway). Push the issue with the valuer that the properties on the Kingsway do have a Mansfield st address. Go to: http://imagery.maps.nsw.gov.au/
SM's are required to declare any kick-backs that they get (refer to "Secret Commissions" & TPA), there are penalties for non-disclosure. You wil however need to be able to prove the incentives. BTW, how could they justify using insurer X if they are more expensive (you may need to get the SM to call a few insurance quotes on the same basis to nominated brokers)
You have been assessed as owing land tax as the amount of land you own exceeds the threshold. A valuation would have been sent to you months ago and the period to object has passed (usually 60-90 days). Grin and bear it. Object on proper grounds in 2-3 years time when the next round of valuations is due.
Diversify into other states where you can hold 2-3 properties in each state and still be under the radar.
Having been introduced to the property by the agent's sign, the agent can effectively say that you have seen the property due to their advertising. They generally retain the right for all introductions for a few months after their initial period has lapsed.
The agent fee is generally neglible at the end of the day 1-3% of most sales, so go in hard, negotiate for the best outcome rather than trying to save a pittance without the assistance of the agent. Yes, the agent does assist the sale by conditioning the vendor's expectations unless the purchaser is out of the ball park.
Rentmaster
Income protection.
Don't set your sights on a $700k house in the first instance. As above, consider some cheapiers further out – if you pick the right suburbs, growth may well be better anyway. Then use your equity to fund your own.
Generally, an offer is an offer and if the offer is accepted it is the conditions of the offer which are put into the contract ie your finance or inspection clause et.
I have not heard of the purchaser ever preparing a contract as it is the vendor's cost of doing business.
Just as Westfarmers (owner of Bunnings) has entered the supermarket business (with the take over of Coles), now Woolies is doing the opposite.
It may be good to reintroduce some competition back into the consumer end of the hardware business however a duopoly (with Woolies involvement) will probably drive prices upwards once they have gotten rid of the minor players like Home Hardware, Mitre 10 and some of the other small chains. We'll probably get some short-term gains then the quality will head down hill as profits will be based on sourcing the cheapest product from OS & selling it at ridiculous margins (just like home brand in the supermarkets).
As the property is leasehold, you can only on-sell the business that you have created. So, what you have to do is to get the business functioning properly (and profitably), get a 2 year track record then to place the business on the market either yourselves (with the guidance of your accountant) or a business broker (who specialises in the sale of cafes).
Metrics for cafes include kg of coffee per week, no. of trading days/hours, weekly t/o and gross profit.
This should be covered in the insurance provisions of the builder's contract as to who must insure. Review the contract. Generally, the builder would have their own public liability, workers comp and insurance over their own tools etc. As they are responsible for the site all insurances norally fall under the builder's requirement.
Process took over a year. It eventually went to mediation with the trees being removed. Too long ago to recall all the details, however the onus is on you (the proponent) to prove damage is being caused and it cannot be pointed back to something that you have done.
…and I thought this one was going to be a 'wife swap' or similar. Glad it has been cleared up.
Other than the OB vendor having to take out warranty insurance for the balance of the warranty period, if the work has been done properly, then there should be no price difference at the end of the day. If, on the other hand, workmanship is poor this will reflect in the time on market and the eventual contract price.
How much do you like your neighbours? If there is no great loss, then go legal. I did over several trees which had affected a driveway & fencing. Body Corp ducked & weaved as much as they could but the lawyers came through in the end.
The most important thing, initially, is to get your certificate of registration (plenty of places will do that) – this will enable you to work in the industry (under an agent). If you decided to go down the path of getting a full licence (about 24-30 subjects) you can then go out on your own either as agent or BA.
The duration of time spent in agency is up to you – depends upon how quickly you learn or how quick you get your licence. If need be, get your licence regardless and work on comms only to an agency in your area of interest. That way, you can do weekends or evening openings + retain your current role.
If the townhouses are free standing, then there should be no reason why you couldn't subdivide once you had built the access/drainage/services to each site. You can't subdivide the block until the properties have been built if they are joined with a common wall.
Once subdivided, you will need either separate loans over each property or one loan over several properties (not advisable).
If you want to do this for your own properties there is no requirement to have any understanding or qualification to do so. however if you want to be most effective, you could probably do a basic property management course eg http://www.oten.edu.au/otenweb/cils/9671CIL.pdf by correspondence (on the net) or one specifically for Tasmania.
You will need to give your property manager the appropriate notice to terminate each property.
I am surprised that you're not getting a reasonable discount from the agent considering they are managing 3 properties.
No hills?
