HELP!! Both vendor and I have agree on price but.....

[fullylucky]

Q4. Insurance?? Today is 04 March 2013. If the house burns down after the contract becomes unconditional do I still have to buy the house? When do I have to get insurance? If he wanted to could he trash the house and fire it down and I still have to buy it?

Regarding this question, another real estate agent said... that if i put the words

"Exclude Clause 5.2 - Property remain risk of seller until settlement" in the Special Conditions Section, I'll be protected against fires and other things, will this work??

 

[wylie]

In Queensland you must insure the house from when you sign (by the next business day).

I would be wanting to ensure that there is a clause in the contract making it clear what the current lease states, and make sure that the vendor cannot enter into any new lease between signing of the contract and settlement.

 

[Terry_w]

Regarding this question, another real estate agent said... that if i put the words

"Exclude Clause 5.2 - Property remain risk of seller until settlement" in the Special Conditions Section, I'll be protected against fires and other things, will this work??

Would you take legal advice from a non lawyer who is not allowed to give legal advice and is working for the otherside?

 

[fullylucky]

Would you take legal advice from a non lawyer who is not allowed to give legal advice and is working for the otherside?

It's another real estate agent, works for a different firm. Doesn't know about the property. Just asking about general question.

So will it hold?

 

[alexlee]

It's another real estate agent, works for a different firm. Doesn't know about the property. Just asking about general question.

So will it hold?

If you don't know it yourself, you need professional help. That's what you pay the conveyancer / solicitor for.

For Qld, usually buyers insure the property from date of contract exchange.

 

[kathryn d]

You might want to request to see a copy of the tenant lease, to make sure it is what you want.
They can black out their names, for privacy.

 

[Andrew_A]

It's another real estate agent, works for a different firm. Doesn't know about the property. Just asking about general question.

So will it hold?

Would not touch that contract correction with the proverbial barge pole, get good insurance for the property and talk to a lawyer!

 

[fullylucky]

Would not touch that contract correction with the proverbial barge pole, get good insurance for the property and talk to a lawyer!

I signed just earlier tonight.

I agreed to the 90 days.

I added all the fixtures into the contract. and took some photos as well.

 

[RPI]

Most good Qld lawyers will also read the contract for free BEFORE you sign, advise on any modifications and issues and then tell you they are comfortable with you signing.

Assume same happens in other states, but I don't know from personal experience.

 

[RPI]

Would you take legal advice from a non lawyer who is not allowed to give legal advice and is working for the otherside?

Lot's of people do. Many end up coming to firms like ours to see whether they have an action for damages against the person who gave the bad and unlawful legal advice.

I had a conversation within the last week with an Agent about his blatantly misleading and deceptive advertising regarding a property that's current use is highly unlawful.

He told me things like:
-I am only the salesman, it is the owner's responsibility
-I am not a lawyer it is not my job to understand whether you can use a property for what the ad says you can use it for
-I wouldn't get sued for that, it's just marketing.

His reactions may change somewhat when the statement of claim arrives on his doorstep and he gets to spend parts of the next 2 years talking to his insurance company about how dumb he has been.

 

[fullylucky]

Can I garner you are an Engineer of some sort , because your nick of Fully Lucky doesnt ring out with your catastrophe outlook and HyperVigilance of things that may go wrong.

yeah. i'm an engineer... that's amazing! how did you know??!

I have been trained to always consider worse case and use conservative figures.

 

[Rolf Latham]

yeah. i'm an engineer... that's amazing! how did you know??!

I have been trained to always consider worse case and use conservative figures.

They call me Dr Phil........ actually Engineer is tattoed on ur forehead

Manage risk yes, thats in the area you know about and work with.

If you approached your work with the same focus as you do your personal financials, I reckon youd be out of a job really quickly.

In your job, there are best practice and Australian Standards to adhere to, investing has similar practices..........but they are not as well published.

Again, not having a go and trying to be helpful.

ta
rolf

 

[pinkboy]

They call me Dr Phil........ actually Engineer is tattoed on ur forehead

Don't be so modest Rolf. Tell him you rummage through his mail and he's out of milk for his Dilmah!

pinkboy

 

[L and P]

How did you go with the insurance ? Can you now tell us what suburb the property is in ?

 

[Bhp19]

Fire?

Just curious to know what on earth makes you think the vendor would want to burn the house down???

 

[fullylucky]

How did you go with the insurance ? Can you now tell us what suburb the property is in ?

I went with CBA and got insurance effective immediately. Wealth pack gave me a discount. In the end it's 56$ a month or something.

It turns out it wasn't what I think it was!

I thought I could get insurance post unconditiontal. I thought say the house catches on fire between condtional and unconditional I could just pay the 0.25% penalty for changing my mind which is almots $2000. And not buy the house. But it turns out in clause 8.1 of the standard contract buyer is at risk so if the house goes on fire i have to buy. so that's why people say you need to take out insurance or get a cover note the day after you sign before 5PM.

I'm not telling until it becomes unconditional i told you already! read the thread.

Sorry for sounding mean. I had a stressful day, it was late.

I should have said:
I don't feel comfortable divulging this information at this stage.

 

[fullylucky]

Just curious to know what on earth makes you think the vendor would want to burn the house down???

they won't but since now you are the buyer they don't have to look after it as much so they won't be vigilant; easier to catch on fire. increased risk!

risk = chance of happening x consequence. chance of happening might be low but consequence is extremely high.

huge damage bill. interest. no income from rent.

 

[sanj]

I'm not telling until it becomes unconditional i told you already! read the thread.

Nice attitude considering how many questions ppl here have answered for you, some repeatedly.

 

[fullylucky]

Nice attitude considering how many questions ppl here have answered for you, some repeatedly.

I had a stressful day. It was late.

I should have said:
I don't feel comfortable divulging this information at this stage.

If you got to know me and know what I do in my spare time you'd know I am an incredibly selfless person; I help others when ever possible.

I do contribute and give advise if people ask me about matters that I am proficient at.

eg. Here I made a thread that would have saved members thousands of dollars:
http://somersoft.com/forums/showthread.php?t=85443

I also value add by summarizing the info in my OP so maybe a few years down the track some poor fellow googles and will stumble upon a thread and BAM the answer would be in the first post without having to read through the whole thread.

i answer and give input to other members questions on their threads and try to help so it's not like i'm just leeching...

I'm in my mid 20's with no financial background... of course I'm not going to be anywhere near as experience as other people on this forum with law and business degrees...

if you asked me about advise or questions regarding other things i have experienced, i'm happy to share that with you.

but asking about where i buy my investment is a bit private. try to understand that. if i asked you what school does your kids go to or what is your TFN you would get creep-ed out too.

 

[L and P]

I don't have a problem with you not divulging the suburb. I'd probably be the same ( though I'd probably say it a bit nicer )

I was just curious as you were so adamant that it wouldn't flood. There have been many areas recently that HAVE flooded that people never though would - Toowoomba for example as someone else gave an example of. I was trying to be helpful so you didn't sign the contract and then discover that insurance was impossible to obtain or so costly it was ridiculous.

I was also a little surprised that making such a big purchase you hadn't done your homework as such to know about insuring the property, and listening to an agent about what clauses should or shouldn't be in a contract. That is what your solicitor should be advising you .

Best wishes for the purchase.