Hi All I just purchased a property and received Section27 last week for me to sign. I will ask the following questions to my conveyancer tomorrow. I am just after a quick answer on possible scenario now.
On section 27, it mentioned that the owner took out a mortgage in 2008. However on the title document in the section32 mentioned that the mortgage started in 2003. Both mortgages stated are with the same bank.
The mortgage amount on section27 is less than half of my purchase price so I am pretty comfortable signing it off for the release of the deposit. I understand that the deposit will be release after 28 days if there is no objection.
Below are the two scenarios that I could think happened.
- Vendor did a refinance in 2008. This is the reason the loan due date is in 2038.
- Vendor has two mortgages. One is 2003 and the other in 2008. This is not what I would want to think happened.
Any other scenario?
On section 27, it mentioned that the owner took out a mortgage in 2008. However on the title document in the section32 mentioned that the mortgage started in 2003. Both mortgages stated are with the same bank.
The mortgage amount on section27 is less than half of my purchase price so I am pretty comfortable signing it off for the release of the deposit. I understand that the deposit will be release after 28 days if there is no objection.
Below are the two scenarios that I could think happened.
- Vendor did a refinance in 2008. This is the reason the loan due date is in 2038.
- Vendor has two mortgages. One is 2003 and the other in 2008. This is not what I would want to think happened.
Any other scenario?
