Hi all,
Doing a loan ATM and just found out the vendor on the contract is not the current owner of the property So obviously the bank picked up on this when they did the title search.
The vendors on the contract are builders. They have a contract in place with the current owners to buy the property and have done some cosmetic renovations on the property and are now onselling to my client. Their plan was to settle the sale (to my client) and the purchase from current owners simultaneoauly with a special condition in the contracts so as to avoid having to fund the settlemnet of the property.
Bank says this can't be done in NSW only Victoria. I guess it's like buying off plan then reselling to another party at completion.
So legal eagles, have you seen this before in NSW? Any ideas how to get this to work because the bank is saying can't be done in current format. ie have to either get the builder to settle on the property and become the legal proprietor which no one wants (time frames) or somehow get the owners on as vendors for my clients..
Doing a loan ATM and just found out the vendor on the contract is not the current owner of the property So obviously the bank picked up on this when they did the title search.
The vendors on the contract are builders. They have a contract in place with the current owners to buy the property and have done some cosmetic renovations on the property and are now onselling to my client. Their plan was to settle the sale (to my client) and the purchase from current owners simultaneoauly with a special condition in the contracts so as to avoid having to fund the settlemnet of the property.
Bank says this can't be done in NSW only Victoria. I guess it's like buying off plan then reselling to another party at completion.
So legal eagles, have you seen this before in NSW? Any ideas how to get this to work because the bank is saying can't be done in current format. ie have to either get the builder to settle on the property and become the legal proprietor which no one wants (time frames) or somehow get the owners on as vendors for my clients..