Hi, heres my current situation that I'm after some advise for.
Last year I signed a 3 way Joint venture agreement that was for buying some land, subdiving and selling.
The other 2 parties had bad credit so the loan for the land was put in my companies name.
The land was purchased in my Trust, with my company as trustee.
The subdivision is almost done, but selling the land as house and land packages has not been at all successful due to the small frontage houses we went with.. They are 6 m wide blocks (3 of them) and 55 metres long. People can't seem to see the houses as being spaciaous enough.... but thats another story.
The problem I have is that for the purchase of the land, the other 2 parties came up with $150k. The land price was $440k.
I paid the 10k deposit on the contract. Over the coming months the with the 20% deposit on the land + fees, sub division costs and loan repayments the $150k is now gone and I am left to pay the loan repayments with one of the other joint venture partners..
The 3rd partner is now a broke alcoholic and I've now found out he got that $150k off of a woman he was seeing (but is no longer). This woman has since put a caveat on my land for $150k which is fair enough, but now as the land is not selling and I can't get the finance to build the houses I need to get rid of it..
There is a loan for $352k in my name and then the caveat for $150k.. I think that I would only get 400 to $450k for the land. This leaves the woman with the caveat very short so I'm sure they would block any sale..
I need to get rid of the land as I can't afford the repayments. I've had the 3rd party who doesn't pay for anything sign an agrement saying that if he doesn't make equal repayments with the rest of us that the original joint venture agreement can be terminated.
Can I challenge this woman's caveat? I guess the only link to me is the trasfer from her account to mine before the property was bought... I don't want to rip her off, I just need to sell the property and can give her whats left after the bank takes its share, but its not going to be 150k. She should be suing the broke alco...
Worse still is I've heard that the woman has bi polar and her parents now have power of atterney...
Should i challenge this caveat in court? or try and get in contact with them and explain the situation.../??.. How do I protect myself....... what should I do.??
Please help, any ideas or info would be much appreciated.
thanks
Last year I signed a 3 way Joint venture agreement that was for buying some land, subdiving and selling.
The other 2 parties had bad credit so the loan for the land was put in my companies name.
The land was purchased in my Trust, with my company as trustee.
The subdivision is almost done, but selling the land as house and land packages has not been at all successful due to the small frontage houses we went with.. They are 6 m wide blocks (3 of them) and 55 metres long. People can't seem to see the houses as being spaciaous enough.... but thats another story.
The problem I have is that for the purchase of the land, the other 2 parties came up with $150k. The land price was $440k.
I paid the 10k deposit on the contract. Over the coming months the with the 20% deposit on the land + fees, sub division costs and loan repayments the $150k is now gone and I am left to pay the loan repayments with one of the other joint venture partners..
The 3rd partner is now a broke alcoholic and I've now found out he got that $150k off of a woman he was seeing (but is no longer). This woman has since put a caveat on my land for $150k which is fair enough, but now as the land is not selling and I can't get the finance to build the houses I need to get rid of it..
There is a loan for $352k in my name and then the caveat for $150k.. I think that I would only get 400 to $450k for the land. This leaves the woman with the caveat very short so I'm sure they would block any sale..
I need to get rid of the land as I can't afford the repayments. I've had the 3rd party who doesn't pay for anything sign an agrement saying that if he doesn't make equal repayments with the rest of us that the original joint venture agreement can be terminated.
Can I challenge this woman's caveat? I guess the only link to me is the trasfer from her account to mine before the property was bought... I don't want to rip her off, I just need to sell the property and can give her whats left after the bank takes its share, but its not going to be 150k. She should be suing the broke alco...
Worse still is I've heard that the woman has bi polar and her parents now have power of atterney...
Should i challenge this caveat in court? or try and get in contact with them and explain the situation.../??.. How do I protect myself....... what should I do.??
Please help, any ideas or info would be much appreciated.
thanks