G'day All,
Just thought I'd pass on a recent experience regarding a property settlement.
I learn't a very important lesson regarding communication. The lesson being, never assume the invoved parties know exactly what's requiered and are working on the same sheet of music, even if you passed information over the phone.
My problem involved releasing a property for sale from a cross-colaterallised loan.
After lengthy discussions with the bank an agreement was made on how much of the proceeds from the sale of a property was to be placed back into the current loan to allow the subject property to be released from the loan. This was passed on to the solicitor and the account number for the remainder of the funds to be deposited into.
At settlement the bank says they didn't know what to do with the extra money so they paid the lot into the loan.
The solicitor says he only glimpsed the handover of funds at settlement and thought the bank would know what to do with the remaining funds. Funny! I thought it was his job to protect our interests??
The result is that after hours of phone calls it will be reverseable, but will take time. Time for which we don't have access to that money. Lucky we didn't have a tight schedule for it's use.
The answer to overcome this sort of pain in the a*&#.
Back everything up in writing!
Double check everthing with all parties concerned in transactions!
Don't give too much credit to people who you think should know what they are doing!
Everyone makes mistakes but I think this process has all been a bit lackadaisical (lazy and careless) and I'll have to take some of the blame.
Hope this helps someone avoid problems similar to this. It has to be worth the effort to do all you can to
make sure everyone has clear guidance and instructions
Arhh... thats better!!!
Rick
Just thought I'd pass on a recent experience regarding a property settlement.
I learn't a very important lesson regarding communication. The lesson being, never assume the invoved parties know exactly what's requiered and are working on the same sheet of music, even if you passed information over the phone.
My problem involved releasing a property for sale from a cross-colaterallised loan.
After lengthy discussions with the bank an agreement was made on how much of the proceeds from the sale of a property was to be placed back into the current loan to allow the subject property to be released from the loan. This was passed on to the solicitor and the account number for the remainder of the funds to be deposited into.
At settlement the bank says they didn't know what to do with the extra money so they paid the lot into the loan.
The solicitor says he only glimpsed the handover of funds at settlement and thought the bank would know what to do with the remaining funds. Funny! I thought it was his job to protect our interests??
The result is that after hours of phone calls it will be reverseable, but will take time. Time for which we don't have access to that money. Lucky we didn't have a tight schedule for it's use.
The answer to overcome this sort of pain in the a*&#.
Back everything up in writing!
Double check everthing with all parties concerned in transactions!
Don't give too much credit to people who you think should know what they are doing!
Everyone makes mistakes but I think this process has all been a bit lackadaisical (lazy and careless) and I'll have to take some of the blame.
Hope this helps someone avoid problems similar to this. It has to be worth the effort to do all you can to
make sure everyone has clear guidance and instructions
Arhh... thats better!!!
Rick
