You just need a clause which states the agreement is subject to X.

X could be finance, council approval for Y, satisfactory building inspection, etc etc.

Just bear in mind that the vaguer it is and the easier it is for you to pull out the less likely it will be accepted by the vendor.

If a company owes you more than a certain amount – and I think it is about $2,000 – then you can issues them with a statutory demand. This gives them 14 days (or is it 21) to pay your debt. If they don't they are presumed, under the Corporations Act, to be insolvent. This is extremely serious and costly for the company if you take the next step and ask for an administrator to be appointed. Someone will come in and change the locks and take over their bank accounts and the company.

Make sure you each do a will and consider what will happen regarding the debt.

hi Reno

You will have to seriously look into the Bankruptcy Act if you really want to know about asset protection. What you are essentially protecting yourself from is creditors and creditors can get at your assets by forcing you into bankruptcy.

But it is not as simple as some promotors make out. I don’t know anything about Dominique and if she is a barrister then she would probably know a lot, but I recall listening to one promoter who had tried to bamboozle the audience using technical terms and making it all sound complex (which it can be). But the strategies didn’t really work because there is a long tradition of people trying to avoid creditors and the laws have been toughened over the years to capture the simple strategies.

eg. A knows he is going bankrupt so sells his house to his wife or worse gifts it to his wife. This transaction could be over turned indefinitely.

The Bankruptcy Act has some sections such as 120 and 121 which deal with this. You must have a look at then look at the time periods and see if they could apply.

Then look at the other sections I linked above too.

Same with company stuff, eg, the director of a company makes a payment from his company to another company controlled by his wife just before the first company goes down. This would or could be an unfair preference even if it is a legitimate payment. He could be seen as favouring his wife.

There are others such as a term of a trust deeds that could be overturned or other uncommercial transactions such as involving leases or options. eg. A giving a long term lease to his brother for $1 pa for 30 years and then A going bankrupt. This is clearly uncommercial.

The best way to profit would be to mow their lawns for a fee I think.

Realistically not much you can do without licencing and even there there is no equity.

Break costs are fees associated with coming off a  fixed rate. Totally separate to any exit fee. They would apply if you broke the fixed rate and stayed with the bank for example.

Michael, aren't  you one of the refund brokers that was posting on here a few years ago? "The Mortgage Detective" then wasn't it?

If you are absent from your main residence then you may be able to claim the exemption still (in some cases), but not if you are living in the property at the same time as renting rooms.

ING have a REF fee on some products instead of LMI. cheaper.

Watch out for the CGT implications.

Carlton?