You Sell Your House, and Then Things Go Wrong!
In a recent case a husband and wife owned a business, but it was not doing well. They decided to downsize their home and exchanged contracts to sell it for $1.35 million dollars. They then entered into a contract to purchase a new home. Their contract for sale of their home included a clause that stated that if the purchaser did not complete then the husband and wife could resell the property and sue the purchaser for their losses. Their purchaser did not complete the contract on time. The husband and wife gave the purchaser an extra week to get [...]
Man Tries to Exit Contract by Claiming He is Mentally Ill.
A man (“the purchaser”) bought a property and negotiated a 13-month settlement period. The contract included a clause that said that if a party became mentally ill they could pull out of the contract. The purchaser took possession of the land before settlement, and everything appeared to be going smoothly. The purchaser himself was a savvy investor because he already had 8 properties to his name. While the purchaser was moving into the new property, a large fight erupted between him and a neighbour. Later the purchaser claimed that he was harassed constantly by the neighbour and on one occasion [...]
Disputes That Are Not Properly Managed Can Become Very Expensive
A recent case illustrated poor management of a dispute. Neighbour 1 and Neighbour 2 owned neighbouring holiday homes on the NSW coast. There was an old brick wall about one meter high on Neighbour 2’s property near their common boundary. In 2006, Neighbour 1 realised that the wall was leaning into his property so he approached Neighbour 2 about getting it repaired. Neighbour 2 offered to replace the wall but before receiving a response Neighbour 2 built a high timber fence. This only caused more damage, eventually spilling a pile of about 25-30 bricks into Neighbour 1’s property. Neighbour 2 [...]
Parents Assisting Children With Property Purchases: A gift or a Loan?
In 2004, a man and his wife entered into a contract to buy a property in Drummoyne for $1,530,000. At this time, the man’s father paid the deposit of $153,000 which was initially intended to be a gift. However, prior to advancing the rest of the $1,200,000, the father changed his mind and the man and his wife acknowledged that the total advance was to be a loan from the man’s father. The man and his wife secured a loan from Westpac to contribute to the purchase price and the father paid the rest including stamp duty. The first mortgage [...]
Following a Falling Out, Can a Parent Stay in the Granny Flat?
A husband and wife were searching for a new property to live in. They found a property which had a main house and a poorly maintained granny flat on it. The husband and wife were shown on the property title as owners. The husband’s mother, who was 62 and seeking to downsize, proposed to contribute $147,000.00 to the purchase, and a further $20,000.00 for renovations to the granny flat. There was a spoken agreement that the mother would be able to live in the granny flat for as long as she liked, and the son and his wife would not [...]
Check before taking the plunge!
Here are the most important things to keep in mind when selling a property with a pool: If you are selling a property with a swimming pool and/or spa, the Conveyancing Regulation Act 2010 will now require you to attach a copy of either: A valid certificate of compliance issued under the Swimming Pools Act; or An occupation certificate within the meaning of the Swimming Pools Act and evidence that the swimming pool is registered under Part 3A of the Act. If your contract for sale includes a certificate notifying the purchaser that your property’s swimming pool or spa is non-compliant, the responsibility for [...]
