Caveat on title/Marriage trouble

[fredo]

I am interested in buying a house which is in the wife's name only and which the husband has lodged a caveat

My solicitor has written to the husbands solicitor and advised that the funds could be placed in a trust account and distributed according to family law. she has asked for a letter from the husband stating that the caveat will be lifted at settlement
I have had no responce and ask is it safe to purchase without that letter

I need urgent advice
Fredo

 

[geoffw]

Fredo,

I suspect your solicitor will be the only one who can provide accurate information.

I have purchased a property with a caveat in place. The holder of the caveat (the vendor's elderly mother) died before settlement. It probably caused me more grey hairs (as if I don't have enough) than having any other effect.

 

[asy]

Fredo,

the only thing I will add to Geoff's post is that if you have negotiated a good price, I would suggest you don't hesitate to contract on the property.

It may even take 6 months before they are able to settle, due to the time before they get their consent orders through, and as long as you are able to leave the deposit tied up for that long (I suggest you negotiate a $1000 deposit...) you should be fine.

This means that WHEN they are finally able to settle, it's YOURS!

Anyway, reiterating what Geoff said, talk to your solicitor and see what they think, this is just an idea.

asy

 

[geoffw]

Asy,

Perhaps it may even be an opportunity for Fredo to negotiate some other conditions. If the settlement date is going to be a while into the future, there would be an opportunity to either lower the price, or to give the buyer access to the property before settlement to do some renovation. If renovation is needed, it would be a great way to do it- Fredo will not lose rent while the reno is being done.

Additional thoughts only.

 

[asy]

don't think I would do that Geoffw...

If something goes wrong with the process, like, say wife signs docs, being SURE that the court will give the property to her, but hubby gets it instead...

Then the contract is not valid...

If Fredo has just paid $1000 deposit, he will get that back (solicitor/agent has to return it to him). However, if Hubby gets it and Fredo has renovated it all in the meantime, well, hubby will be a happy boy.

Of course, Fredo will be able to sue Wife for losses, but that is painful, and tedious, and it would be much better to just walk away with the $1k.

asy

 

[geoffw]

OK Asy.

It was just some thinking out loud.

Definitely. if that does not work, it's not worth touching.

 

[asy]

I like thinking out loud Geoffw,

I was doing that too...

I just think access prior to settlement when settlement is not an absolute certainty (well as certain as it can be) is dangerous.

your other idea of further negotiation was great!

asy

 

[Glenn]

Hi All,

You could maybe spend that 6 months getting council approvals for change of zoning, addition, demolition approvals ect.

Glenn

 

[Savanna100]

caveats

Check up on this, caveats must be dealt with by a court or they lapse. In Victoria, the time period before lapsing of a caveat is even less than NSW (only a matter of months). I looked at lodging one in Vic recently but decided against it.

Savanna

 

[brains]

Originally posted by asy
don't think I would do that Geoffw...

If something goes wrong with the process, like, say wife signs docs, being SURE that the court will give the property to her, but hubby gets it instead...

Then the contract is not valid...

If Fredo has just paid $1000 deposit, he will get that back (solicitor/agent has to return it to him). However, if Hubby gets it and Fredo has renovated it all in the meantime, well, hubby will be a happy boy.

Of course, Fredo will be able to sue Wife for losses, but that is painful, and tedious, and it would be much better to just walk away with the $1k.

asy

Couldnt he add a clause or two to the contract covering this eventuality? Voiding the contract or something if it does happen.
Should be simple.

 

[fredo]

Caveat on title

The husband has agreed to remove the caveat on settlement
I have increased my offer

Will know by 21 March

Regards Fredo

 

[asy]

good luck fredo!

Let us know!

asy

 

[fredo]

Caveat on title

Another issue arises
I seek information from the Planning dept Maroodah (Ringwood Melb)

as the block will need to be subdivided because there is 2 dwellings on the site I will need a planning permit, schematic drawings and an address to the 56 criteria of rescode

That doesn't phase me but I want to buy the property, rent out for 6-12 monts but I want the answers to the min setbacks

One answer the total of both sides divided by 2
That would equal 11 + 7 18 /2 a 9 metre set back on a corner block

For the house to work it needs to be 5

How do you get a simple answer to the question

If I buy this block will Council let me put a house on it with a set back of 5 metres from the front

Any help welcome
I will be engaging a land surveyor
But need preliminary advice before going down that track


regards Fredo

 

[Kristine..]

Fredo

My subdivision is in Maroondah.

The planning staff at Council are very helpful, and will offer every assistance at the counter.

Take any information which you now have - contracts etc and go and lean on the counter and ask heaps of questions. Take paper and pencil - Richard or Spiro will happily answer your queries while you madly sketch what you have in mind.

If you have photos of the houses, other properties in the street, approx setbacks of immediate neighbours this will help the discussion.

If the two houses are already there, then you are dealing with known quantities. In which case you should be able to get quite specific information.

Contact me if you would like a recommendation for surveyor or draftsperson. My development went through the planning process in approx 90 days, and staff commented on how well prepared everything was.

By the way, one of the local agents sent a prospective developer to see me last week - as I am currently going through the process. You're welcome to contact me and I'm happy to show you the full planning submission including engineering, landscaping etc.

Cheers

Kristine