House sells for $1000.
- Thread starter rugrat
- Start date
I hope it's quashed as is totally wrong ... if there is a mortgage over the property, who was the sale on behalf of?
Even if it was the other Chinese person, one would think they would require a reserve to cover their debt - and I am sure the bank would have something to say, and won't release the caveat over the property without the debt first being cleared.
Even if it was the other Chinese person, one would think they would require a reserve to cover their debt - and I am sure the bank would have something to say, and won't release the caveat over the property without the debt first being cleared.
I guessed there was more to the headline.
Where did you find that info? I would love to find out more about this case.
There's definitely a story behind this one but it probably wouldn't be as sensational if they gave the details.
I also noticed in Domain/SMH that the house where the Epping newsagent & family were killed is to be sold. No mention of the attrocities that befell the owners
I also noticed in Domain/SMH that the house where the Epping newsagent & family were killed is to be sold. No mention of the attrocities that befell the owners
I thought in NSW the agents have to disclose pertinent details like that?
Disclosing, doesn't nessecarily mean advertising the fact in the newspaper. So long as they at some point told the prospective buyers before the point of sale, I would think they would be right?
There is some info here that mentions an earlier court case relating to this matter.
Enforcing Warrants of seizure and Sale - Hurdles and Pitfalls.
"If a judgment debt in Victoria is obtained in the Magistrates Court, a judgment creditor must first seek to recover personal property of the debtor. It is only if the Sheriff fails to recover adequate personal property that an application can be made to the Supreme Court to seize the judgment debtor’s real estate. This leads to significant expenses for the judgment creditor and adds additional time to the process.
If the real estate fails to sell for the reserve price, the judgment creditor may obtain an Order from the Supreme Court to sell the property without a reserve price, i.e. for any price obtainable. However, a judgment creditor must be aware that a warrant is only valid for three months. If the property fails to sell within that period, the judgment creditor must re-register the warrant with the Titles Office.
This was the problem that arose in the conjoined cases of Guan Feng Wu v Li Ma and Zhiping Zhou [2011] VSC 208 (Guan) and Kousal v Suncorp Metway [2011] VSC 312 (Kousal). In Guan, the Plaintiff loaned the First Defendant a sum equivalent to AUD96,660 for one year, at 10% interest. Due to non-payment of the debt, the Magistrates Court ordered that the debt be repaid, in addition to interest and costs. After judgment was entered, the Plaintiff obtained a warrant of seizure and sale to be levied by the Sheriff against the property of the First Defendant."
Continues here.........
http://www.holdingredlich.com.au/commercial-dispute-resolution/enforcing-warrants-of-seizure-and-sale-hurdles-and-pitfalls
That makes a LOT more sense.
An Update
The sale of the property for $1,000 has been set aside.
Zhou v Kousal & Ors [2012] VSC 187 (10 May 2012)
http://www.austlii.edu.au/au/cases/vic/VSC/2012/187.html
The sale of the property for $1,000 has been set aside.
Zhou v Kousal & Ors [2012] VSC 187 (10 May 2012)
http://www.austlii.edu.au/au/cases/vic/VSC/2012/187.html
Here is a nice summary of the judgment to set aside the sale
http://www.peteraclarke.com.au/2012...disability-for-the-purposes-of-the-equitable/
http://www.peteraclarke.com.au/2012...disability-for-the-purposes-of-the-equitable/
