5% deposit finance, question

[want2bewealthy]

So, Ive signed the contract on my next purchase, Im waiting to hear back about finance, if its approved or not, I have it in the contract that both parties have signed as a clause.

The realtor wants the 5% deposit today because we were meant to hear if finance has gone though today but now we'll hear wednesday,

Is the 5% refundable should finance be rejected?

 

[Rolf Latham]

Hiya

A question for your soli

If you are still within the extended finance clause, in most states the deposit is fully refundable.

BEWARE though if the finance clause has been extended normally the 5 % payment is made at the extended time too ?


ta
rolf

 

[want2bewealthy]

I dont believe the clause has been extended, thats just when it runs out, 19th December?

 

[want2bewealthy]

Also, whats a solicitor? . . forgive my arrogance.
I have a broker a tax agent and a conveyancer.

 

[want2bewealthy]

Ok, my conveyancer says 'yes' it will be refunded if the finance for some reason does not go through.

 

[letiha]

Also, whats a solicitor? . . forgive my arrogance.
I have a broker a tax agent and a conveyancer.

Are you serious...whats a Solicitor........

 

[want2bewealthy]

Are you serious...whats a Solicitor........

Serious, I just buy property, use all my guys, get rich and thats that, I dont know what a solicitor is, I have a conveyancer. . ?

 

[Peter_Tersteeg]

A solicitor is a lawyer. They also do conveyancing. For all intensive purposes they perform the same role.

 

[Y33]

Are you using TS as your conveyancer?

 

[want2bewealthy]

Are you using TS as your conveyancer?

No, I have another company Ive used since day one and theyre great.

 

[JIT]

Also, whats a solicitor? . . forgive my arrogance.

I think you mean ignorance .

 

[Peter_Tersteeg]

Serious, I just buy property, use all my guys, get rich and thats that, I dont know what a solicitor is, I have a conveyancer. . ?

If you really want to be wealthy, you probably need to understand what the various roles within the process are. Investing is not just about property, if you understand the people involved you'll be far more successful.

If you've got people on your team that you rely on, you don't need to know how to do their job, but you do need to understand what their role is. For the most part, solicitors and conveyancers perform the same role for a property purchase. Conveyancers tend to be cheaper and as it's all they do, they tend to be specialists which is usually a good thing. Their are circumstances where a solicitor gives you better legal advice and thus legal protection.

 

[buzzlightyear]

...Conveyancers tend to be cheaper and as it's all they do, they tend to be specialists which is usually a good thing. Their are circumstances where a solicitor gives you better legal advice and thus legal protection.

W2BW, lawyers/solicitors may also have conveyancing arms to their business as well. Although my one experience in dealing with conveyancers (as a separate but related business to the legal firm) was that there fees were still pretty exy. They were however very good at their work and offered some good advice when required.

 

[Raddles]

Hi there
one of the reasons for also using a solicitor - you have just purchased a major asset - it is time to think about wills and estate planning - that is what a solicitor can do for you
thanks

 

[Peter_Tersteeg]

W2BW, lawyers/solicitors may also have conveyancing arms to their business as well. Although my one experience in dealing with conveyancers (as a separate but related business to the legal firm) was that there fees were still pretty exy. They were however very good at their work and offered some good advice when required.

I agree Buzz. I find conveyancers to be fairly reliable, but lawyers to do conveyancing on the side tend to be a bit more difficult to deal with. In the case of lawyers who have a conveyancing arm, you're still dealing with a conveyancing specialist which is a good thing.

 

[want2bewealthy]

Hi there
one of the reasons for also using a solicitor - you have just purchased a major asset - it is time to think about wills and estate planning - that is what a solicitor can do for you
thanks

Wills and estate planning?

I still have to get around to doing up a will, is the one from the post office sufficient enough?

Also, again forgive my ignorance again but what is 'estate planning'?

 

[Raddles]

Hi there
I actually think getting a will from the post office is a mistake - because you don't tend to think through all the implications - often there is an intestacy as to part of your estate because of it.
Estate planning has to do with not only your will but who do you give your power of attorney to - to look after you if you became incapable or were travelling overseas.
It also needs to consider what happens with superannuation which is often overlooked being outside the normal will scenario.
Talking through the issues with a solicitor is a good idea - and if they get it wrong they can be sued - which can't happen if you DIY.
thanks