Disclaimer:
You should seek legal or other professional advice before acting or relying on any of the content here or on the internet generally.
Edit: I thought it important to mention there are free legal advice clinics set up in Qld. See link below for locations:
http://communitylegalqld.org.au/
Edit 2: happy for anyone to PM me if they do not wish to air anything out over the internet.
I'm not sure how you mean by nominal interest etc? My knowledge on property and this kinda finances is entirely self taught 😅
Hubs at this stage is happy for her name to remain on it as it may lead to a potential perk down the path - its also not the home we intend to live in for any extended period of time so I know renting it out will lead to more trouble if the names not sorted etc.
Nominal as in 1/99 (and hubs 99/100) so you keep the cost of stamp duty down (remember, you pay stamp duty on the portion you are purchasing).
Ok, definitely have more research to do - Is there any way to check that?
What advise would you have for graduates looking to break into the field?
Look for any firms willing to take on work experience graduates. If you cant get your foot in the door for paid employment, you will walk away with experience in a office, a letter of recommendation (hopefully) and will have a leg up against others.
My advice would be to know the difference between advise and advice.
it was first thing in the morning, my brain doesnt operate well without coffee
My first comment was half tongue in cheek… but advice #2: 11.48am is not 'first thing in the morning' (well, I will admit I did the same in university…ahh those were days)
It does say 11.48 on my screen, but anyway I am just having some fun it is not important.
Now, my serious advice would be: meet as many people in the industry as you can, make an impression on them then work to keep in touch. Do not look for immediately gain (i.e. do not give off the I want a job from you vibe), but make a connection and keep it. Look for what you can do for the person. This is really a skill you will use throughout your career as a lawyer, as networking is probably the highest priority skill if you plan to have a long term career in the law. Being good at what you do technically is just a given that goes without being said.
For example, I work in a global firm and we often make hires throughout the year outside of graduate programs or 'market' hires (as in we do not advertise). The first thing we do is ask our colleagues whether there are any promising candidates that they would recommend. We have hired several grads/lawyers in the past 7 or 8 months this way and did not go to 'market'. Rather than fighting with another couple hundred grads in a grad program intake, they probably had to go up against 4 or 5 others.
As they say, it's not about what you know…
I have an issue regarding a property manager and an ex tenant.
Ex tenants caused damage to a few walls (but tried to repair them) and its going to cost $350 to get it repaired correctly (I have not had this work performed as of yet)
Ex tenant is taking it to QCAT to try and get cost of cleaning $350 and cost of repairs.
What is the likely outcome from QCAT? And the landlord is telling me I have to get the $350 in painting repairs done prior to going to QCAT.
How rich do you guys get? ;P
Reminds me of my first day on the job:
I was sitting at my desk one afternoon when all the staff ran to the window to see the Partner jump out of his new Lamborghini.
I continued to stare at his car until he had come into the office. He introduced himself as the Managing Partner and said he was happy to have me on board. He saw me staring and said "Do you like that car? It my 3rd Lambo but I also have a Porsche and Ferrari at home " Marvelling, I replied "Yes, its fantastic, it must have cost you a fortune! " then he said to me after a long pause "If you put in the long hours over your allocated billiables, and work hard enough to hit all your budgets…… I can buy my 4th Lambo by the end of the year".
Like most professions, there are some at the very top of the scale. I, unfortunately, am not one of them.
In relation to commercial leases, what are my options should the landlord refuse to resign a new lease?
Are there any options on the lease?
Not that we know of.
Lease has expired and we are currently running on a month to month basis.
Check out your lease first and see whats available. If it has expired then you would enliven the holding over provisions. Try and negotiate a new lease.
Hi Mate,
Just wondering if you could help me with a theory.
I've purchased a few investment properties over the years, I'm only relatively young (Under 25). My biggest fear is that in the future when I get married will my spouse be liable for half my investments even though they have been obtained prior to her being in the picture. What is the best way to protect my financial wellbeing if I were to ever get married? I get that a prenup works until kids are involved. Considering I've worked hard for my money and saved enough to buy investments by myself, what can I do as a precaution, just in case my wife was to try and take half my assets? Purely Theory.
Cheers
A mix of both family law and property law.
However, a binding financial agreement should be entered into stating exactly what is excluded if there is a relationship breakdown. Usually the agreement with say "from the date of the agreement, the parties agree that these "things" will not be included in the distribution of assets if a relationship breakdown occurs" otherwise all will be included for consideration".
You can enter into a BFA pre-marriage, during marriage, and post marriage.
From a non legal etc suggestion - I'd suggest not mentioning straight up in a relationship your assets - hubs told me he was renting not that he owned the place I moved into to suss out that I was actually interested in him and not his finances etc :)
When did he finally tell you?
I think it was around 6months-1 year in - he ended up getting deployed to the 'ghan and left me in charge of all his banking while he was gone - figured I was a keeper when I didn't take him money and install a swimming pool into a rental like others he knew had ;)
Hi There,
I was wondering if you know the minimum requirements of land if i want subdivide?
(I live in NSW).
Or if you can kindly point me to the right direction :)
Thanks so much :)
Hi Debe,
Talk to a surveyor first. They will assist you with DA approval, the plan sealing process, and get you on to a lawyer to create any strata documents.
Cheers.
What's your favourite quirk (or doctrine that you just shake your head at in disbelief at the fact it's still around) in property/commercial law? For me it's always been adverse possession …
Have to agree with you on this. But I gave an example where there is a lazy local council who does nothing to care for the land and instead lumps it on to a person who neighbours the lot. Very rare these days.
Hi shandawgg,
You said you are from QLD but would you have any idea on this?
Say two people want to buy a property valued at $400,000 in VIC.
For Person A it is their first property.
For Person B it is their second property.
Would their be any stamp duty concession/reduction eligible on the property? Also Person B never received any discount or benefit on the purchase of their first property.
In Qld, person A would be entitled to stamp duty exemption. Person B would pay duty on the share of the property they receive.
Contact your state revenue office and ask. They should be able to provide you this advice.
Thanks for your speedy response!
I sent an email to them 9 days ago I haven't heard back. You responded in under 30 minutes!
Let me ask a family law matter (to which you may not know the answer). I'm in WA, so different jurisdiction applies (WA has a separate FLA which is similar to the Federal one). Now…if 2 parties are separated/divorced and there is an issue as to the schooling/education of the children, upbringing, etc. who has jurisdiction here? If the parties are unable to agree is it something to have to go to court over or CSA?
Thank you.
Hi Joxer, I do not know the answer.
Although, look at Part 2 of Schedule 1 in the Family Law Rules 2004. It lists a number of pre-action procedures before going to court (http://www.austlii.edu.au/au/legis/cth/consol_reg/flr2004163…).
OK, I would hope it doesn't have to go to Court if it can't be resolved.
Thanks anyway :)
WA is governed by the FLA, like every other state.
WA has a state FLA as well separate from the Commonwealth legislation. It's the only state that has its own jurisdiction.
Hi shandawgg
I am a junior lawyer working in property as well. I'd like to know if you enjoy what you do and what you like most about your job.
I have never been sure about being a lawyer so I am very interested to know.
I am also having a bit of a quarter-life crisis and have recently started thinking about quitting law… For the last couple of months, I had been so stressed at work that I would become very emotional (and often end up crying) over the weekends. I don't know if that's normal but I felt like I probably need a break from lawyering :(
Would love to hear your thoughts :)
Sorry to hear about what you are going through. This is a very common issue in law unfortunately and I have seen many lawyers 'burn out'. The important thing is to identify what is causing you stress. Are you being over-worked? Are your colleagues the problem? Is your partner not providing sufficient guidance/mentoring? Do you simply hate the work?
If you are not coping then you need to talk to someone about it. The most obvious person to talk to would be your partner, but if he/she is not helpful then there are other bodies that can assist, like your law society. If you feel like you cannot take it anymore then by all means take time off.
I have to say though - in general law is a stressful job and it can become increasingly stressful as you progress and take on more responsibility. Alternatively you could consider other legal jobs that are less stressful, like in-house (depending on the company) or government roles.
Good luck!
Thank you Knightelf!
What's causing me stress - I think it's a bit of everything. After taking on a new role, half of our team left (for different reasons). I also found out about bullying complaints previously made against my supervisor.
I have been doing at least two people's jobs while not being properly supervised and having to deal with the supervisor's unpredictable mood-swings.
I spoke to someone higher up and things have since improved… but I honestly don't feel like I am learning and the work is rather boring.
Without giving too much away, my job can be classified as one of those "other legal jobs that are less stressful". I guess I am just unlucky… lol
Hi fortunecookies,
Thats no good. I have a few colleagues who have gone through a similar thing (working 7 days a week sometimes). Just like Knightelf says, best thing you can do is talk about it with your colleagues. They may be able to hire some support staff, or take re-allocate some of your files. Generally, your boss will be able to help if they know how much pressure you are under.
QLS have a great factsheet online about how to manage stress.
Feel free to inbox me directly and i can share with you some of my experiences as a junior.
Thank you shandawgg!
I'd love to hear more about your experience. Just tried to PM you but it appears you are not accepting any new messages! Maybe you can PM me instead if you're not overly busy :)
I agree with you on talking about it with colleagues or supervisor. Sadly my supervisor (other than the heavy workload) has been my main source of stress. As you will see from my reply to Knightelf, I did speak to someone higher up and things have improved…
I have learned a lot e.g. how to stand up for myself and how to manage upwards, but I don't feel like I enjoy working there any more and have started looking for other opportunities…
Similar thing happened to me. I ended up at a great firm with an even better culture!
I have updated my messaging preferences to allow PMs. Looking forward to hearing from you.
Hello,
Do you know what happens to the property of a commercial tenant that does a runner without paying the rent?
Check the lease or the commercial tenancy agreement for your rights on abandonment.
You may have access to any cash bond or bank guarantee in place.
Good luck!
Thanks Shandawgg.
Hi Shandawgg,
Thanks for your time. I have a question, it may not be in your area of specialisation, then it's okay.
If a couple resides in NSW with a young child and they have no other family in Australia. Unfortunately the couple dies, who gets the custody of child?
What could couple do, to ensure that in the event of their untimely death, couple's parents/ family living overseas, get the custody of child and can take the child overseas to live with them.
Thanks for your guidance, appreciate it.
Hi there,
I am not sure but I would also like to know.
A family lawyer could assist.
What's the best way to flip properties and minimize CGT? I've flipped a few that were PPOR but I'm getting sick of living in them during the reno period.
We own an apartment in a 42 apartment residential building in Victoria. The outside facade tiles are falling off. The builder and developer have both gone broke, insurance wont cover it as they said it's faulty workmanship. Reports have shown the tiles were put on incorrectly but we don't know who that was and also we think the building surveyor shouldn't have signed off on it. No one (including legal advice) as yet has been able to give us an answer as to whether we can get anyone to take responsibility for the cost. Otherwise it's going to be us owners - who are mostly everyday hardworking people or retirees - who need to find the 2 million dollars to fix it. Any suggestions gratefully received! Thanks
Seems really messy.
I cant really give you any good suggestions except for the owners to pass a motion allowing legal costs and engagement of a insurance litigator.
Serious question. Is there squatters right? for example a person is paying someone rent under the table do police have the power to remove them?
Squatters rights? Are you serious?
You sound like a real piece of work. Someone's agreed to have you in their house by a cash agreement, and now they obviously want you to leave and you want to draw this out and be a pain? Just get the hell out of their house. You've obviously worn out your welcome, so get out.
Squatters rights! Pfft. I've never heard of someone this pathetic in a long time.
Squatters rights actually require a lot of work over many years by the occupier. You basically have to be treating the place like your own (paying rates, insurance etc), without the owners consent, but doing so in the open (not hidden from everyone during the day).
You're paying rent, so yeah… owner has given you consent to stay there. That consent has been withdrawn. Get the hell out!
Mate this situation doesn't apply to me. I own my own home. I work as an AO at a police station and there was conjecture about people renting without lodging the bond etc with the RTA and whether police can evict them immediately. So stop with "you" "you're" and clarify first before pulling out your pitchfork.
I apologise for the assumption, but squatters make me sick. They are bloody leeches looking to take something that doesn't belong to them, and to try and do so using an antiquated part of the law that is rarely applied these days. My bad. I saw your question and instantly assumed you were one such turd. And you are not.
If you work at a police station, then you'd know people who know the law in regards to Trespassing.
THAT's the only time Police can act in the situation you've described.
A person given permission to reside at a premises and is paying rent for the premises, is entitled to stay there (regardless of any bond lodged or not, and regardless of the agreement being verbal or in writing), and is therefore NOT Trespassing.
It also depends on whether the "squatter" has sole access to the property, or whether they are only boarding a room with the owner present. It also depends on the type of property (for instance a hotel/motel room or caravan park is different to a freestanding dwelling).
But the fact that there is no formal agreement doesn't immediately mean they don't have a leg to stand on when it comes to being evicted. Once a person has been given the permission to reside somewhere (as opposed to renting a room for the night or the week in a let), then as an 'occupier' (an important term but different to 'tenant') they automatically gain at least some rights.
"Reasonable notice" is required. The term "reasonable" is of course open to interpretation, and the neatest way to get an eviction completed is via a court/residential tribunal order and then in the presence of a sheriff on actual eviction day. Police could also be called to assist on the basis you have a court order to evict.
But to answer your question more directly, a police officer forcibly removing someone from their home (and it is their "home" regardless of being told to get out by the lawful owner), would be taking an awful amount of undue risk doing so. They don't have that sort of power, unless in a serious and urgent situation. Otherwise the Court is the only one that can give them that sort of power.
It all depends on the points I raised above (regarding type of dwelling and whether its just theirs or shared), and of course the jurisdiction.
@UFO:
Thanks for the clear up. Thought the same. Police won't remove and require some formal paperwork. Cheers
Hi
I am a Sales Consultant at Virgin Mobile. I was just curious if we should get penalty rates for working on Saturdays. I've been in the job for almost a year now but it appears I only get paid penalty rates on Sunday but not Saturdays. I had a quick look at the fairwork ombudsman website just for general reference and looked at the "General Retail Industry Award".
The pay should apparently be $25.10 as a minimum on Saturday, and then $39.16 on Sundays. However, I get no penalty rates on Saturdays and I only get x1.5 on Sundays (which is around $30-31). I also saw that after 6 PM on Mon-Fri, the rate of pay should be $25.10 as well. I normally work night shifts on certain weekdays too, which extends up to 9 PM.
I am not entirely sure if I am not looking at the correct industry award or if these penalty rates applies to this job because it is Telco and I am a sales person. However from my knowledge, I am sure penalty still should've been paid on Saturdays.
Note: These amounts here are for 20 years of age, and employed for over 6 months with current employer. These are for part-time rates, not casual.
Any insight would be appreciated!
Talk to fairwork, they will love this case as virgin is large company where they can benefit from winning.
Virgin Mobile is owned by Optus. They would have an EBA.
https://en.wikipedia.org/wiki/Virgin_Mobile_Australia
Optus EBA.
https://www.fwc.gov.au/documents/documents/agreements/fwa/ae…
Hello, one question from me :) Is there any way to legally minimise tax to minimum amount? E.g. If we formed a company (or sole proprietor or trust) to own multiple asset such as property, bond, stock, etc.
Talk to an accountant as lawyers usually don't do generic tax structuring work. It all depends on your personal circumstances, no one will be able to give you meaningful tax advice on a forum.
I agree with Knightelf's comments. Accountant best source of information.
Thank you, I'm still finding the qualified people to do this thing for me
I vote for more AMA on OzBargains. This is good.
Where do babies come from?
Hi shandawgg
My father-in-laws coffee shop rental agreement was terminated few years ago after a 3year operation in a food court. he pretty much lost the $400k he bought the business for. the landlord didn't want to renew the lease simply because they wanted more diversification. would like to know are shop owners stand to lose everything if the landlord refuse to renew or cancels their retail rental contracts?
Hi Creamsoda,
A large part of the battle is won up front (i.e. where a sale of a business contains a lease, the buyer of the business needs to do their due diligence. The seller must provide a copy of the lease to you. If after 5 days of receipt of the lease you do not raise any concerns, you are DEEMED to have accepted all terms and conditions). Otherwise, a buyer should negotiate a new lease that provides sufficient a lease period and options to extend.
Unfortunately, if the landlord does not wish to grant you a new lease (and there are no options to extend) then there is not much you can do. IMO, a lot of independent coffee shops are dependent on location which makes it even tougher (and more of a reason to do your homework).
I hope your father-in-law comes out on top.
Thanks for your reply shandawgg. Nope he lost $400k with this coffee shop. All the lease contracts in the food court is the same 5yr contracts, and its up to the landlord at the end of the lease to see if they want to give you an extension. Its in the CBD so they do as they please. Dont think the law are fair in this regard. It gives the landlord the ability to ruin livelihoods on a whim.
Just going to play devils advocate here, on two fronts.
It seems to me that your father-in-law was given full disclosure when buying the business that there was only 3 years left on the lease with no option to renew. Why is this seemingly the Landlord's fault now? He got exactly what he signed up for. Many business purchasers under their due diligence (assuming they're smart enough to request this in their contract) will investigate whether they can add an option or two to to their existing lease. In fact some will explicitly say that they only waive DD on the basis that the Landlord adds an option or two to their lease.
Also, there's a juxtaposition between "same 5 year contracts" and "ruin livelihoods on a whim". Perhaps I'm a bit jaded, being in the profession and all, but if your 5 year contract has run its course and the Landlord decides against entering into a new Lease, how is that ruining someone's livelihood? They've got 5+ year s notice that it won't necessarily be renewed!
On the other side of the coin I don't think it would be fair to expect Landlords to be able to offer tenancies to their Tenants indefinitely, simply because the Tenant wanted to stay on.
Hi
Interested to know if Australian laws allow bank to reach out to your other assets anywhere in the world if you default on your mortgage?
A well known property lawyer, Dominique is suggesting it's possible and she is advising to have an asset protection in place by registering your assets under a trust to claim the immediate beneficiary before bank do.
How true is this?
Pls share your views.
Thanks
Hi JTDW,
Hmmm this question is probably better answered by an insolvency lawyer.
I used to do debt recovery work for a number of banks (bad loans, taking possession of a borrower's home). Wasnt very pleasant work, but I digress.
I was never instructed to chase Australian's overseas assets. I think our loan application process is better than most countries and banks make a good job covering their serviceability requirements. If banks need to look at your oversea assets to make good on their funding, they have not really done a good job in the application process. Banks are pretty tight and dont take too many risks with their home loans books so if you were to apply for a home loan through your company, they will require director guarantees - if you borrower funds through your trust, they will review the trust deed and ensure the deed includes a term for them to be indemnified out of the assets of the trust (and doubly so if company trustee).
I can only see this happening at the high end of the financial transactions ($20mill loans).
Maybe an insolvency lawyer can correct me or perhaps dominique?
Can I transfer my sole trader business to someone else? or maybe sell it?
Both ABN and Business are registered on ASIC 3 years ago.
Also any tips to negotiate a commercial lease at shopping after you sign it?
Getting a rent reduction/ remove the annual 5% rent review.
Also any tips to negotiate a commercial lease at shopping after you sign it?
Getting a rent reduction/ remove the annual 5% rent review.
About the best you can do is to say that you won't renew at the end of the current option if the Landlord follows through. You've (presumably) entered into a binding contract for 5% annual rent reviews, so it'll be more a matter of negotiation than anything legal.
Hi Tingbonnie,
I will only add that if the heads of agreement says the lease is subject to both parties signing the lease, and only you have signed, you may have an argument to 'pull the pin' on the basis the landlord hasn't signed. You may be clutching at straws. Talk to your lawyer and see what options are available.
Otherwise, I read revaldez is also a solicitor and believe he/she covered this query well.
Mate, loving the read. As a law graduate who isn't practicing, but is happily a school teacher, this thread makes me think of what life in the law might have been.
Respect!
I might not be good at it but I'd love to try teaching instead of practising!
Cheers tichet18,
Its been interesting to see some very similar queries in the community.
School teacher? I thought i had a tough gig!!
Hi. People in real estate pretend the capital gains tax benefits from negative gearing are not significant. I call bullshit. Do you know if the impact of negative gearing upon the housing market has been modeled? How do you feel about it?
I have a question in regard to Getting rid of the Body Corp
I just bought a House where there 4 unit that reside in the same plot of land in Herston.
My house is different to the other 3 units, where all the 3 unit are similar in appearance and more like townhouses.
Is there a legal mean to kick out the body corp, given that my house sit in front of the land entrance to the road
I find paying 4000k every year a bit too much for a 4 unit community management
Please private message if you intrested in my case, i too reside in Brisbane
Are you asking whether your lot can be excluded from the community titles scheme? If so, then yes. Like most things in the legal profession, it can get tricky.
I have a question about a problem during construction in Victoria.
I am building an architect designed home and have a fixed price ABIC standard contract with a builder. An Engineering firm had completed the civil drawings for the structure and basement which was signed off by them and approved by the building surveyor.
Shortly after construction commenced, the Engineer advised that they had made a mistake and the designed structure did not meet Australian Standards (ceiling height in one location). They then undertook to redesign the structure and the new drawings were significantly different. This resulted in an additional $90,000 of construction costs plus additional holding costs during the delay.
I have proceeded with the build and this variation. Is it worth lodging a claim against the Engineer? Or is likely an expensive exercise that will cost me significant legal fees?
Oh no!
At least it was picked up before certification! I think you should speak to a solicitor in Vic for a short consultation. Try to think about responses to some questions the engineers might ask you if you lodged a claim… was there an option to terminate the build? What does your build contract say about variations to the schematics? Did the engineers comply with their disclosure obligations regarding the variations?
My friend was the passenger of an Uber. Long story short, she was absent minded, opened the door and it broke instantly as the rear car smashed into it.
She sat at the rear, right seat.
Who's liable?
Hi, Shandawgg. How are you?
what is the proper way to deal with tenant who is not paying their rent?
Long story short. This happened to me long time ago. there was no any contract. We only had verbal agreement. The tenant refused to pay for more than 4 months with all different excuses. And one day, they just trash that room and run away. I don't know what can be done, so I had to let it go at that time.
Thanks in advance.
Off topic but would you have a contact for someone who could provide advice on wills and testimonies ?
Hi there, I am solicitor in Qld practising in the area of Wills and Estates. Feel free to pm me or ask me anything :)
Thanks mate. It just says you don't accept new conversations when trying to PM you.
Sorry mate. I've never used the PM function before. I've changed my settings so it should work now :)
Hi Shandawgg,
Thanks for doing this. Couple of questions.
1) If a sole director of a pty ltd company purchases a property for 1.5m in 2016 under a pty ltd. The pty ltd has a bank loan for 1m on the property. There is a caveat put on the property for 1.7m. Is the director allowed to a) sell the property with a caveat on it? b) legally who gets paid first (bank, caveator etc) assuming sale value is 1.7m.
2) In the above situation, If a sole director resigns from his directorship, are they still liable for any loan the pty ltd has taken. Or will this loan be transferred to the new director?
Thanks.
Hi Baydoti,
Are you in Qld? Depends on the type of caveat lodged (e.g. statutory caveats, court ordered caveat, monies owing caveat).
Re loans, did you provide personal guarantees. Banks are reluctant to release any guarantors.
Hi Shandawgg,
I know your not a real estate agent but knowing abit about property would you have any advice on any suburb in brisbane you think is on the rise or has potential?
cheers
I have no idea.
However, I am keeping an eye out for whether Ipswich City Council win the $5bn tank contract. Secure Defence Housing Australia lease for army personnel. Money in the bank!!… or not.
Happy hunting.
FYI - Ipswich just beat out Logan for the development of a Costco yesterday.
You made a comment earlier in the thread:
In today's age, squatters rights arise between homeowner and local councils
Could squatters rights arise between an apartment owner and body corporate if someone was to start squatting on the visitors parking space (or other common property)?
How do lawyers who aren't of the Ambulance-Chasing variety feel about peers who spruik constantly for business with ads such as,
"Have you fell over due to your own clumsiness or distraction in a home or business who had the temerity to offer you hospitality? Ever been performance managed by an employer who wanted you to actually perform the work you were being paid for in spite of your abject inability and disinterest? Have relatives you didn't get along with ever failed to leave you copious amounts of their hard earned cash after their passing? You may be entitled to compensation, so call us now so that we can clog up the legal system suing any bastard who dared expect you to exert a level of personal responsibility in your miserable journey through life!"
Serious question - I've often wondered how such solicitors are viewed by the rest of the legal fraternity…
Hi Shandawgg,
I'm looking to buy a property thats part of a deceased estate.
It has a caveat/mortgage on it by Homesafe Solutions, a company that essentially buys a share of an elderly persons home as a silent partner (thereby "releasing equity" for the elderly person without needing a loan). The only thing is it does so on a sliding scale so the percentage of the sale that goes to Homesafe can vary depending on how long the persons lives there for.
I was wondering, if there is a dispute on the fee paid to Homesafe from the vendors (given its not a cut and dried fixed amount), how messy can it get from a discharging of the mortgage point of view?
Thanks so much in advance!
Hi RJW,
The seller should notify Homesafe Solution that it intends on selling the property and paying out the loan. An estimated settlement date should be provided to Homesafe and a indicative payout figure obtained. From this information, the seller should be able to confirm that there will be enough money from the sale to pay them out (even if its on a sliding scale).
You will need to tell your lawyer to check the contract to ensure the Homesafe caveat/mortgage will be released at settlement (or better yet, have your lawyer draft the contract).
Let me know if you need any assistance with this.
Thanks Shandawgg!!
Hi Shandawgg,
Thx for helping the community.
I have two general question.
What should a business (unsecured creditor) do if received letter from customer advised they are under voluntary administration? There are 100k outstanding invoices.
IP dispute. Company A complains company B products infringe their IP. Company B disagreed but would not want to spend any resource to deal with Company A. Can company B ship the equipments in question to an overseas factory C free of charge so that factory C could market and sell overseas? Value of equipments is significant.
Speak to a lawyer immediately.
If there are other creditors chasing this company, you want to be first in line!
Thanks for answering all these questions!
I bought an apartment a year ago (10 years old). It had new floorboards when I moved in but they have started to buckle and swell due to a water leak somewhere. I have home insurance but havnt decided what to do about it. There has been water leak problems in the building but not on my floor when we did the conveyance when purchasing and the builder had to rectify the issue.
What options do I have? Do I go through my home insurance, leave it as it is and let it get worse then when I sell I’ll replace the floorboards or contact a lawyer?
I have very limited time as I work long hours and sometimes on weekends so I want the most trouble free solution.
Hi Mateaka,
I dont like how brokers/banks operate this like. Usually, a borrower is added to the loan to increase the loan applicants serviceability of the loan. If this was the case, then the sister should have only been added as a borrower, and not a registered owner.
How much on a interest does your sister have in the property?
I only ask as if your husband would like to have her interest, he may have to pay stamp duty on it. I am hoping, fingers crossed, that his sister has a nominal interest (i.e. 1/99 as tenants in common).
Cost wise, I would transfer after the release of mortgage. To do this prior, you would need the banks consent and usually they charge upwards for $300.
Following the transfer and the release of mortgage, your husband may wish to apply for a certificate of title which will prevent anyone else dealing with the property (with a few exceptions).