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Thanks so much for all this info. Ill read up on it today. Yes im the one with the caveat, however, the ex-wife finally moved out as did the other tenants and we received notification from the ex-wife's solicitor that the caveat will be lifted. Low and behold now this matter has arisen. If its not one thing, its another. We are actually going to pull the pin and give him until Friday to settle. Its only a few thousand that he owes, so he can beg, borrow or steal the shortfall if he wants to sell this house. Its just dragging on now. thanks for all your help
terry can you post the link with settlement problems so I can read up on it.
The house was definitely not undersold. It was sold at public auction and at market value. The shortfall isnt huge, but I understand that the bank wants their money.
This house was on the market for 2 years but with no interest.(wonder why?) I must have been the sucker.
In this current market, would the bank try and resell it if only for a few thousand $$$$'s.
There's no point in pursuing legal action as this vendor has nothing left. I almost feel sorry for him as the delays with the tenants leaving the property have caused the interest to growNo, Ill get a copy tomorrow Terry.
Can I ask a real silly qst?
If it is money that she wants from the sale and there is no funds after the bank has been paid out, can she stop the sale of the house until she gets what she wants even though there is nothing left over? Is that the reality of her lifting the caveat?
Can someone please tell me what this means?
Second Schedule (3 notifications)
1/reservations and conditions in the crown grant
2/ mortgage to the Westpac
*3/ Caveat byNOTATIONS
Unregistered dealings-NIL#3 has an asteriks that states the entry doesnt appear on the current edition of the certificate of title. The information appearing under NOTATIONS has not been formally recorded in the register
there are circumstances where caveats can be forcibly removed , whereby the owner of the real property can seek a court order or obtain a lapsing notice from the department of lands and serve it on the caveator who can apply to the supreme court to extend the operation. How does the court decide that the caveator has a legal or equitable interest? The court I believe has the power to remove it if the property has been sold or if it has no equitable value.
thanks Terry. I ve had to find a rental property in the meantime. I cant believe they bought us into this mess.
We paid well above the price they expected.
They are well behind in the repayments too.
I dont know who is going to settle this mess and hopefully after the 14 days is up if they havent settled, I will be in a position to decide whether to pull out or not and whether I will still have grounds to sue. I feel so displaced atm.
A property shouldnt be allowed to be put on the market to be sold if there is a caveat.So Terry, lets say she wants $200k but the bank is owed $1040k and the purchase price was $1060k, there is nt much money left over after the bank has been paid the debt. Does this mean
1/ she is also responsible for that debt since she has an equitable interest.Vacant possession – is that classed as special conditions? None other that I know of.
yes and said there was no problems.
We dont know why there is a caveat. Ive put a caveat on the place too. It looks like anybody can lodge a caveat these days.
Can the vendors solicitor not lift this caveat? If there is a real interest in the property, she will need to go the supreme court to put a caveat on again and this costs serious money- $20k I think??
When we went to inspect she was there and she showed us through. She was well aware that the property was on the market and had been for 6 months previous to us inspecting it.
I have purchased 2 other properties prior to this one and we have never had any issues with the caveats being lifted. Its never scared us to purchase a property before just because there was a caveat and weve always been advised by the solicitor.
OMG I sold my house to buy this house and have had to go and rent as settlement has been delayed. I asked if we can rescind and the solicitors have advised that I cant rescind on the purchase and they cant rescind on the sale.
Yes the caveat was on the title when I signed the contract.
Her name however has never been on the title. Its only the husbands name.
The property is in NSW.
No unfortunately Terry. I lodged mine after hers.
The vendors solicitor failed to lapse the caveat as well.
Does anybody know how long this can go on for? And can I go to the supreme court to have her caveat removed? Is there anybody that is a caveat law speacialist?
I think its too late to pull out as I have already exchanged 5 weeks ago and sold my house in the meantime.
From my understanding there is no funds leftover from the sale as the bank is owed the amount of money that I purchased the property for.
If I settle on the property, which in turn the title deeds go into mine and my husbands name, can I have her removed after settlement as the property is then ours. She cant be classed as a tenant as there is no lease in place.
PS I also have a caveat on the property due to previous issues.
The otherside has been issued a notice to complete, however the ex wife lives in the house but her name is not on the title deeds. The husband doesnt live there (his name is on the title deeds only) and he wants to complete, but we cant remove her. The interest part is not the issue, but we want her out and she is refusing to leave. She also has a caveat on the house. (We believe that she wants money from the sale from the ex husband so she can move out), however this is not my problem, but it has become my problem if that makes sense.
Hi Jamie,
My conveyancer has said that this is normal practise and he has had dealings with the vendors solicitor and he is really slow, however I am a bit cautious as we had problems with the vendor and his solicitor when we exchaned.(Ive posted the link so you can get an idea) but I dont want to get paranoid about the situation. I thought there might have been a clause where the vendor's solicitor had to respond within a ceratin time frame.
https://www.propertyinvesting.com/forums/property-investing/help-needed/4336568
cheers
AlexI would love to recommend him . If it wasnt for him, I would have lost everything.
Tony Melissari from Austate Conveyancers in Ultimo- ph: 9281-0078
And thanks to everybody's advice that you posted. You all gave me courage to put up a fight and do the right thing legally.
The exchange was done by the realestate agent and not the "conveyancer". Although this has all been resolved now-late yesterday afternoon- it was my "conveyancer" who is hard nosed and is like a dog with a bone, and who didnt back down until they withdrew their termination, that I can safely say that the sale of the property is still going ahead.
I have always used conveyancers to exchange and have never encountered any problems.I would not recomment using a realestate to exchange. They just dont have the same experience as a conveyancer/solicitor.
PS. I lodged a caveat on the property as advised by Scott no mates, thanks for your advise, it worked, and advised that I would counter sue for losses as I placed my house on the market well after I exchanged so I could buy this property.
What I find strange is that through no fault of my own, I was the one that was being sued???????
thank you so so so so much Anthony. I really appreciate it you dont know what this means.
All I want to do, is buy this house. Nothing more, nothing less.Thats what I couldnt understand, what loss I have caused him, considering I want to proceed with the purchase.
Ill speak with a solicitor tomorrow and post some details tomorrow
Thanks again
Alexsorry, one more thing. Shouldnt the vendors solicitor have issued a final demand for the balance of the 5%? of the deposit before terminating the contract?
The realestate is not my problem.
Its the vendor and his solicitor that insist that he is suffering from loss and insist on terminating the contract. I (the purchaser) dont want the contract to be terminated. The principle of the matter is he has the full 5% deposit and I "WANT" the house.
PS this house has been on the market for 6 months with not 1 interested buyer.
