The property we're buying is supposed to settle on Monday next week. Our solicitor just rang and said the vendor passed away this morning so Settlement has to be cancelled. We dealt with NSW Public Trustee and Guardian for the purchase because the vendor was a retire who was hospitalised a few months ago, and the property was put on the market.
Anyway, the solicitor said we have 2 options: 1. Issue Notice to Complete on Tuesday, wait 2 weeks. Settlement can't happen at the end of 2 weeks though because a Probate has to be granted first and it could take up to 3 months. In addition, Trustees mentioned that there was a complication with the Will. Not sure what sort of complication at this stage. So, it could drag out longer!!
2. Terminate the Contract and get the stamp duty and deposit refunded. But since the vendor passed away, and it's not a straightforward termination, the REA will have to file a claim from the Estate to get the deposit refunded, and it could take 3 months or longer!!!
Either way, we're doomed! We've started architect draftplan drawn on it for our DA. And bought some reno tools and paints to get started as soon as settled. Those won't be covered I understand. But we want to build a duplex on it and it's within the appropriate zone.
Option 1: This is what we preferred, but what if the beneficiaries don't wanna sell it to us anymore? What legal right do we have? Can we get a written permission from the Estate/beneficiaries to continue DA work? What's the worst case scenario?
Option 2: It's good to cut lose and run. But they're gonna take forever to refund our 10% deposit! It's gonna hold us up buying another place!
The property we're buying is supposed to settle on Monday next week. Our solicitor just rang and said the vendor passed away this morning so Settlement has to be cancelled. We dealt with NSW Public Trustee and Guardian for the purchase because the vendor was a retire who was hospitalised a few months ago, and the property was put on the market.
Anyway, the solicitor said we have 2 options: 1. Issue Notice to Complete on Tuesday, wait 2 weeks. Settlement can't happen at the end of 2 weeks though because a Probate has to be granted first and it could take up to 3 months. In addition, Trustees mentioned that there was a complication with the Will. Not sure what sort of complication at this stage. So, it could drag out longer!!
2. Terminate the Contract and get the stamp duty and deposit refunded. But since the vendor passed away, and it's not a straightforward termination, the REA will have to file a claim from the Estate to get the deposit refunded, and it could take 3 months or longer!!!
Either way, we're doomed! We've started architect draftplan drawn on it for our DA. And bought some reno tools and paints to get started as soon as settled. Those won't be covered I understand. But we want to build a duplex on it and it's within the appropriate zone.
Option 1: This is what we preferred, but what if the beneficiaries don't wanna sell it to us anymore? What legal right do we have? Can we get a written permission from the Estate/beneficiaries to continue DA work? What's the worst case scenario?
Option 2: It's good to cut lose and run. But they're gonna take forever to refund our 10% deposit! It's gonna hold us up buying another place!
You must really hate those posters on Somersoft.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
Just because of money? How about differing priorities based on what the extra money can buy?
I rent for half the cost of buying (with a mortgage), which puts around an extra $15k in my pocket each year. Enough for a nice overseas holiday each year... infact I am posting this from Rome so currntly enjoying the fruits of money saved without a mortgage.
I think for anyone there has to be a point where the additional cost makes it not worth it, it will differ for everyone.
e.g. RedCat what if the difference meant that to buy you would no be able to afford a car? What if it meant you had to eat two minute noodles every meal to afford it? What if the price difference meant you could only afford to buy a 1 bedroom flat or rent a 3 bedroom house... which would you choose for your family as that's the sort of decion many Australians currently face...
I'm sure that renting differs between many, but for me the last 20 months in our current place has been a breeze, have had multiple expensive issues fixed at landlords cost, rent has gone up less than inerest on a mortgage would have, we only see the landlord when he does an inspection at time of 12 month lease renewal.
Why are we renting?
Cheaper More flexible Nicer area for lower cost Needs will change in a few years (no need for house now with no kids, but may change)
Everyones situation differs. I certainly don't see the value in paying twice the cost of renting just so I can paint the walls though...
Somersofties finally waking up to the fact renting's more sense than buying
I own my PPOR so it costs me ZERO $ per week for accommodation If I was to rent a similar property to live in, I would be out of pocket by approx $400/week. Rented out to those who feel renting is a good alternative, it earns me similar money .
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Cheaper More flexible Nicer area for lower cost Needs will change in a few years (no need for house now with no kids, but may change)
Everyones situation differs. I certainly don't see the value in paying twice the cost of renting just so I can paint the walls though...
I replied to Hobo-Jo in that Somersoft thread...
Quote:
Your first and third points are essentially the same.
Your second and fourth points are essentially the same.
Cheaper? Perhaps yes if you only compare this years rent with this years mortgage repayments. But a homeowners repayments reduce every year as they pay off the mortgage. Your repayments increase every year as rents rise with inflation. At some point the costs will cross over and you will be paying more than the homeowner who buys today. When the homeowner retires he will have a fully paid off asset and live the rest of his life rent free. You will have to still have to fund ever increasing rent payments from your retirement fund and have no asset to pass on to your kids.
Flexible? A homeowner can at any point in time decide to rent out his own home, claim the negative gearing, and temporarily move into rented accommodation elsewhere. Homeowners have more flexibility to move than renters, and are still hedged against rising property values while they decide to rent.
Not quite. Don't forget rates, maintenance and building insurance.
Oh, ok :rolleyes: So it costs about $70 a week Vs $400plus a week and increasing.
I am still $17k + a year better off by owning Not to mention CG and further use of site in the future.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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