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Love your comment fredo! With mentoring like that who knows what I am capable of when my buttons are pressed!!
Many thanks all for ideas and support … I did ask what happened to the toilet seats and the response was "they broke" .. all three since 10 January … funny that! For once I have decided to stand with my fists in the air, so fired off an email along the lines of they broke the conditions of the contract of sale by stripping the garden after settlement and not properly remediating the wall; under the lease agreeement as landlord I should have been advised if all 3 toilet seats/lids had broken and they should not have been replaced with inferior ones; consequently all agreements between us are at an end, all chattels at the property at the end of the lease are legally mine, and any intrusion on the property constitutes trespass. I have changed locks, padlocked the gate. It will be interesting to see the result. Pots don't balance cost of replacement of garden and theft of toilet fittings, but I am fed up with mean spirited people. Little old widowed lady I might be but I have come out of my corner this time, and sadly will be less inclined to be generous of spirit myself in future with rent free periods and my trust. Thanks everyone again … you stirred my courage!
Thanks Leo … but unfortunately it's too late to try to renegotiate as I went Unconditional on the strength of the Building & Pest Report and other due diligence (eg flood mitigation – very apt in Qld at present). Legal opinion was that I had to settle today, and I take your point that Building inspection is only on the structural integrity of the dwelling. Lesson to be learned is to keep adding to the list I maintain of things to inspect with care myself when purchasing a property, much as I confess I have never thought to get down on my knees and examine the base of toilet pedestals!
Thanks again Terryw and Mr 5o1 … I guess I just fall back on the idea of how much capital growth can the property gain in 5 months? My accountant seems to think I'm "home & hosed" since it is not earning any income at all with the rent free concession, and the facts: Contract signed 30.11.10; Settlement 10.1.11; vendors vacate 1.5.11; and I can demonstrate that I was overseas 30.1.11 to 23.4.11 anyway.
Then again accountants can get it wrong I guess. With the market as it is I don't expect meteoric rise in value in the first quarter however. For once I will be content with that!
Wanderwoman
Thanks for the advice Beedie and Terryw … have cut the deal and learned some more in the process. The renting a principal place of residence after residing in it for a year, and maintaining your CGT exemption ruling only applies if you don't buy another property that becomes your PPR eg you take a job overseas. In my situation all is fine since, though settlement is in January, I don't move into the property until May, and so long as you occupy within twelve months of purchase you can claim the CGT exemption. I did the deal by offering the vendors rent free so it isn't earning an income for me, and isn't therefore an investment property. Great to find this forum. Property is a passion of mine, and it's good to have others to bounce off.
Thanks Beedie … sensible advice except the vendors' agent is pushing for more money and there is no way any reduction in my offer would cut the deal. I have offered them rent free for the whole period which in effect is an extra $6000 on my offer, bringing me to just $23,000 below the asking price. In this market I thought that more than fair for subject only to bldg, pests and title search, no finance, but seems the vendors think all the hits on their property on realestate.com translate to potential buyers… not also nosey neighbours, other sellers checking out the opposition, and people with time on their hands and a vague interest in real estate. It's ok … there's always another property, and it is what it is!!
