Deposit Bond

[WebBoard]

From: Mike .


Deposit Bond Nightmare
From: Monica - "the confused"
Date: 23 Jan 2001
Time: 11:21:53

Hi peoples,

I recently purchase my second IP off the plan based in Lane Cove NSW using a Deposit bond from DBA. It is not due to be finished for another 14 or so months. HOWEVER I am in a position now where I may not be able to continue with the settlement of this IP (weddings cost a fortune!!

Can someone in the know please explain to me in laymans terms what the impact of not going ahead with settlement of this IP is please.

 

[WebBoard]

Michael Croft

Reply: 1
From: Mike .


Re: Deposit Bond Nightmare
From: Michael Croft
Date: 24 Jan 2001
Time: 13:07:00

Here goes once more into the breach ............ If the husband to be is not going to increase your borrowing capacity or net worth perhaps you should tell him to get his act together!?? At least get a pre nuptual agreement in place to protect yourself.

I can hear all the flak now! Regards, Michael

 

[WebBoard]

Manny

Reply: 1.1
From: Mike .


Re: Deposit Bond Nightmare
From: Manny
Date: 24 Jan 2001
Time: 12:53:05

What I would do in your circumstance is to keep the IP & spend less on the wedding, as overall in 10 years time you will regret the sale of this property... as you may not be able to afford it then... that is my 2cents worth, but Good Luck with the decision you make...

 

[WebBoard]

Jeremy

Reply: 1.1.1
From: Mike .


Re: Deposit Bond Nightmare
From: Jeremy
Date: 24 Jan 2001
Time: 00:15:48

Just give your husband the house and forget the wedding! Will save you 10 years of hassle and save you a fortune in legals!!

 

[WebBoard]

Bob

Reply: 1.1.1.1
From: Mike .


Re: Deposit Bond Nightmare
From: Bob (a non-lawyer)
Date: 23 Jan 2001
Time: 16:03:52

Monica,

It all depends on your particular circumstances and the contract you've signed. Get good legal advice as your first step.

However, you may be in the ideal position for a flip - ie. onsell your rights and obligations to someone else, preferably for a profit before settlement. You certainly have enough time to look into it. Who knows? You may make enough to pay for the wedding!

 

[WebBoard]

Robert

Reply: 1.1.1.1.1
From: Mike .


Re: Deposit Bond Nightmare
From: Robert
Date: 23 Jan 2001
Time: 12:00:57

I think this question really needs to be asked of a solicitor. If anyone answers with recommendations and you follow them and lose out big time you have the right to sue that person.

This isn't intended to scare you off or anyone putting the 2c worth in, everyone needs to be very careful on how they answer you.

But let us know what a solicitor has to say, I'm sure it would be greatly appreciated by most.

Cheers, Robert