On the hunt again
- Thread starter Dazz
- Start date
.....another interesting, full on day....getting close to settlement now.
Spent three hours this morning in the boardroom of the Vendor's solicitor going through the original title deed, the original leases, the associated licences and framework agreements for ancillary tenants, all of the agreements with suppliers and service providers.
Supposed to be 6 Bank Guarantees, only 3 were there.
Two Leases were missing altogether, they've gone walkabout.
One new Tenant, who initially offered 3 month bank guarantee, which was agreed to and signed off by the head duck of the Vendor with my authority, decided to sit down and scratch that out and offer 1 month instead....no phone call to advise...nothing. Even then, he hasn't paid that, and I just found out he hasn't executed the Lease, so it's a right mess.
One of the Tenant pays yearly in advance, so that balances it up a bit.
Attornment notice has our name spelt all wrong throughout it, so that'll be fun for them changing it all over.
No-one in the solicitor's office gives a rats from their side. I can see why errors are made. I was in there for 3 hours straight, and all I heard was fully qualified solicitors chatting away like they were in a schoolyard. There ain't much concentration or attention to detail being applied.
Got back from that pretty rung out mentally, only to have my incompetent Banker call up to say that they had, after spending 2 weeks apparently super checking everything was right this time (coming off the disaster with our other mortgage) missed all of the encumbrances on the mortgage and they are going to have to express post another one across. I said there was no time left, they had 7 weeks, but ignored me for 6 weeks and now it's too late.
This is the same mob that lost and didn't register (still haven't !!) the mortgage at all. Miraculously, all of the usual 1950's banking style of working went out the window and they reckon it's now OK to email it, print it out and sign it. Did that. Noticed that the main Tenant's name on the registered Lease has been spelt completely wrong on the mortgage doc....but I just signed it anyway....I'm sick of correcting the Banks incompetent mistakes. The mortgage is for their benefit, not mine.
They also stuffed up the names and addresses of our Guarantors, but once again, that's their problem, not ours.....I'm 100% confident no-one will check. Seriously, you'd think they'd have their act together at this level of Banking, but the "airheads" dominant the landscape here as well. They have no skin in the game, so literally couldn't care....she's just somewhere to go during the day, stare into the computer and hope you don't get into trouble with the boss.
Bank staff were asking my settlement agent all day questions about this and that. She's been holding their hand all week but is sick of it now...she cracked a wobbly at them and told them to get their **** together. She asked if they had done a deal like this in WA before...the phone went silent, I gather they haven't.
Tomorrow is the last business day before settlement, I reckon it'll be the usual mad chooks running around trying to figure out what the Bank needs next. Whoever invented this JIT (just in time) principle needs shooting....it's certainly no way to conduct sensible business.
Spent three hours this morning in the boardroom of the Vendor's solicitor going through the original title deed, the original leases, the associated licences and framework agreements for ancillary tenants, all of the agreements with suppliers and service providers.
Supposed to be 6 Bank Guarantees, only 3 were there.
Two Leases were missing altogether, they've gone walkabout.
One new Tenant, who initially offered 3 month bank guarantee, which was agreed to and signed off by the head duck of the Vendor with my authority, decided to sit down and scratch that out and offer 1 month instead....no phone call to advise...nothing. Even then, he hasn't paid that, and I just found out he hasn't executed the Lease, so it's a right mess.
One of the Tenant pays yearly in advance, so that balances it up a bit.
Attornment notice has our name spelt all wrong throughout it, so that'll be fun for them changing it all over.
No-one in the solicitor's office gives a rats from their side. I can see why errors are made. I was in there for 3 hours straight, and all I heard was fully qualified solicitors chatting away like they were in a schoolyard. There ain't much concentration or attention to detail being applied.
Got back from that pretty rung out mentally, only to have my incompetent Banker call up to say that they had, after spending 2 weeks apparently super checking everything was right this time (coming off the disaster with our other mortgage) missed all of the encumbrances on the mortgage and they are going to have to express post another one across. I said there was no time left, they had 7 weeks, but ignored me for 6 weeks and now it's too late.
This is the same mob that lost and didn't register (still haven't !!) the mortgage at all. Miraculously, all of the usual 1950's banking style of working went out the window and they reckon it's now OK to email it, print it out and sign it. Did that. Noticed that the main Tenant's name on the registered Lease has been spelt completely wrong on the mortgage doc....but I just signed it anyway....I'm sick of correcting the Banks incompetent mistakes. The mortgage is for their benefit, not mine.
They also stuffed up the names and addresses of our Guarantors, but once again, that's their problem, not ours.....I'm 100% confident no-one will check. Seriously, you'd think they'd have their act together at this level of Banking, but the "airheads" dominant the landscape here as well. They have no skin in the game, so literally couldn't care....she's just somewhere to go during the day, stare into the computer and hope you don't get into trouble with the boss.
Bank staff were asking my settlement agent all day questions about this and that. She's been holding their hand all week but is sick of it now...she cracked a wobbly at them and told them to get their **** together. She asked if they had done a deal like this in WA before...the phone went silent, I gather they haven't.
Tomorrow is the last business day before settlement, I reckon it'll be the usual mad chooks running around trying to figure out what the Bank needs next. Whoever invented this JIT (just in time) principle needs shooting....it's certainly no way to conduct sensible business.
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Dazz,
Don't you wish settlement would just once go smoothly?
That is the absolute worse part in buying a property.It never seems to go the way it should, and it always seems to be the lenders who wait until the last minute before doing anything.
I always swear...no more !!!
but...it was a little like giving birth..after a while you forget about the pain.
Hang in there dazz..almost over now
Don't you wish settlement would just once go smoothly?
That is the absolute worse part in buying a property.It never seems to go the way it should, and it always seems to be the lenders who wait until the last minute before doing anything.
I always swear...no more !!!
but...it was a little like giving birth..after a while you forget about the pain.
Hang in there dazz..almost over now
Yep, plenty of similarities there.
Buyer is on the slab grunting and groaning, giving it all.
Property is a stubborn little bugger not wanting to appear. Grown from a little seed when you first flirted the idea with the Boyfriend called the mortgage broker.
Bank is the useless husband standing off to the side. They think it's theirs, but the boyfriend did the legwork, but has now palmed it off. You never know if the Husbands are going to bugger off just at the crucial moment. Supposed to be in this thing together, but you do all the work while they wonder how much all this is really gonna cost.
Mortgage broker (boyfriend) buggered off weeks ago...he's off flirting with other sheilas knocking them up.
Settlement agent is the midwife running around like a blue arsed fly trying to help where she can, mopping up the mess created, plugging leaky holes every which way.
Solicitors for the Vendor are the evil doctor who wants you in the most comfortable position for them whilst they stand there and do nothing, whilst you are twisted and contorted every which way so they don't have to bend down. They've got a golf round soon so "could we hurry this along a little".
Solicitor for the Buyer is the anaesthetist behind you trying to ease the pain of what the evil doctor is putting you through, but ya gotta sometimes wonder where he's jabbing you, whether he's on your side or not....
State Govt is there on the reverse drip, bleeding you dry of your strength reserves just when you need it the most.
Yep - she's pretty similar.
Yeah - true enough - but I may need an episiotomy to squeeze this puppy out. Which one's preferable, a cut or a tear ??
LMAO at the aptness of the analogy...
Interestingly, there has been some evidence in recent years in midwifery that a tear actually heals better than a cut. Perhaps it's because the tear garners a bigger sympathy vote, and attracts more support afterwards. If you're cut, they simply stitch you up and your on your own.
But I think you know the answer to this one; in a settlement, you never get a controlled cut, you only get an uncontrolled tear.
Interestingly, there has been some evidence in recent years in midwifery that a tear actually heals better than a cut. Perhaps it's because the tear garners a bigger sympathy vote, and attracts more support afterwards.
If you're cut, they simply stitch you up and your on your own.
Either way you will need carefully administered stitching. Following the theme of the analogy, once your deal is finally "stitched up", done, dusted and settled, then the healing shall begin.
Salt baths should help and copious volumes of chocolate milk will also anaesthetise the post-partum settlement pain and expedite the healing process.
You've copped plenty of labor pains of late, continue to be strong through these last contractions and delivery of your new baby(s) shall ensue
As always, thanks for sharing the commercial gestation journey and all the ante-natal lessons that we all learn from; and, indeed even the post natal ramifications that can occur (as you've shared in another thread), when you discover the baby may not even be yours
Don't push yet - blow
Cut as easier to stitch up but more painful
What a great read - painful delivery.
Cheers
Sheryn
Cut as easier to stitch up but more painful
What a great read - painful delivery.
Cheers
Sheryn
Another big day to finish off with...
We had the right (one of very few afforded to the Buyer in the Sales Contract) to do a final inspection of the property prior to settlement. So....spent 4 hours out there with the wife and parents going through everything with a fine tooth comb. It was a case of 'knowing' rather than picking holes, as we do not have the right to moan about anything or mores the point ask the Vendor to fix it.
Vendors management team met us out there with a bunch of keys so big he couldn't carry them all in his hands....not looking forward to this nonsense. Totally different to what we are used to.
Crawled over and thru the place until our feet got sore, more of an orientation really. The current management team were dead keen for settlement day so they could dump it all in our laps. It was daunting to say the least. I've never felt this way about a property acquisition before, so this is new territory....
No, of course not....but.....there is a big big difference between downloading most of the documents from someone's "electronic dataroom" after signing a 12 page confidentially clause, vs being able to read ALL of the original documents.
Out of 17 full Tenancies and 5 minor agreements, only one Lease is officially registered.....although we have had a formal request to register another, in exchange for getting rid of 3 caveats off the title deed, not a bad deal, so that will simultaneously happen at settlement.
Settlement time and place was finally arranged, so looking forward to that. I'll be going along to make sure everything goes smoothly. We popped in about 20K over and above what is needed, so that all of those last minute hiccups that always occur can be smoothed over.
Nothing more to do now than to cruise in and do the deal.
We had the right (one of very few afforded to the Buyer in the Sales Contract) to do a final inspection of the property prior to settlement. So....spent 4 hours out there with the wife and parents going through everything with a fine tooth comb. It was a case of 'knowing' rather than picking holes, as we do not have the right to moan about anything or mores the point ask the Vendor to fix it.
Vendors management team met us out there with a bunch of keys so big he couldn't carry them all in his hands....not looking forward to this nonsense. Totally different to what we are used to.
Crawled over and thru the place until our feet got sore, more of an orientation really. The current management team were dead keen for settlement day so they could dump it all in our laps. It was daunting to say the least. I've never felt this way about a property acquisition before, so this is new territory....
No, of course not....but.....there is a big big difference between downloading most of the documents from someone's "electronic dataroom" after signing a 12 page confidentially clause, vs being able to read ALL of the original documents.
Out of 17 full Tenancies and 5 minor agreements, only one Lease is officially registered.....although we have had a formal request to register another, in exchange for getting rid of 3 caveats off the title deed, not a bad deal, so that will simultaneously happen at settlement.
Settlement time and place was finally arranged, so looking forward to that. I'll be going along to make sure everything goes smoothly. We popped in about 20K over and above what is needed, so that all of those last minute hiccups that always occur can be smoothed over.
Nothing more to do now than to cruise in and do the deal.
So, that's done.
Mad flurry over 10 minutes....
She's been a big day, the culmination of over 5 months DD and steadfast eye-on-the-ball determination, but we got over the line in the end.
Settlement agent shall now double check with the Titles Office in 2 weeks to hustle up and make sure the transfer is registered properly.
Meet for key handover and rent invoice delivery on-site tomorrow morning, then I suppose go around and introduce myself to all of the new Tenants.
Mentally shagged at the moment, and had property stuff up to my ears for now. Gonna go for a swim and shake all this off.
I reckon that's me done for the next decade. No more property buying 'til at least 2020.
Mad flurry over 10 minutes....
- Banks kept the title deed
- Sellers took the bank cheques
- I walked away with a 10kg box of Leases and Bank Guarantees
- Called up the Banker and thanked him for his money
- Called up the Broker and thanked him, but he was busy
- Went and met with the Agents across the road and thanked them
- Called up the family and let them know they are now in the canoe and better start paddling
- Called up the wife and she said "Not another one".
- Went back to the settlement agent's office and squared everything away
She's been a big day, the culmination of over 5 months DD and steadfast eye-on-the-ball determination, but we got over the line in the end.
Settlement agent shall now double check with the Titles Office in 2 weeks to hustle up and make sure the transfer is registered properly.
Meet for key handover and rent invoice delivery on-site tomorrow morning, then I suppose go around and introduce myself to all of the new Tenants.
Mentally shagged at the moment, and had property stuff up to my ears for now. Gonna go for a swim and shake all this off.
I reckon that's me done for the next decade. No more property buying 'til at least 2020.
Tomorrow's another day, right?
Hi Dazz,
This line sounds like something I read a few months ago on this forum...
.. can you remember who said it??
The settlement is meant to be difficult and drawn out, otherwise how could all those hangers on justify their fees. In all the property settlements we have done, none have ever been smooth, and they are just res and land.
Enjoy the swim.
bye
This line sounds like something I read a few months ago on this forum...
.. can you remember who said it??
The settlement is meant to be difficult and drawn out, otherwise how could all those hangers on justify their fees. In all the property settlements we have done, none have ever been smooth, and they are just res and land.
Enjoy the swim.
bye
Good stuff Dazz. Congratulations to you and also your family whom you've helped guide along their own journey. It must be a wonderful feeling.
Helping others help themselves is a great legacy and makes this investing thing we do far more fulfilling. Whilst it is definitely about the money, it isn't only about the money
Don't forget to rehydrate after your relaxing swims with some chocolate milks.
Well done
Helping others help themselves is a great legacy and makes this investing thing we do far more fulfilling. Whilst it is definitely about the money, it isn't only about the money
Don't forget to rehydrate after your relaxing swims with some chocolate milks.
Well done
Thanks everyone for your thoughts.....
It's amazing what a good hard exercise session followed by a night's sleep can do to recharge the batteries. Might go scan the 'for sale' column and see if there are any bargains about.
Busy morning this morning. Printing off 17 invoices, along with 17 letters of introduction, prior to going out there and having the big key handover. Three of the rabbit Tenants have already paid, so we'll be having the first income distribution to unitholders very soon.
Then it's around to the accountant to drop off the original sales contract and final settlement statement, then it's off to the bank to drop off the two cheques we received at settlement, one the refund from the excess monies, and the second the interest on the deposit funds that were invested on our behalf about 4 months ago.
Wrote out a big list of things that need doing for the property, it came to 39.....ughhh....so I suppose Dad and I will start chipping away at those.
Never a dull day being a Landlord....damn site better than going to work !!!
It's amazing what a good hard exercise session followed by a night's sleep can do to recharge the batteries. Might go scan the 'for sale' column and see if there are any bargains about.
Busy morning this morning. Printing off 17 invoices, along with 17 letters of introduction, prior to going out there and having the big key handover. Three of the rabbit Tenants have already paid, so we'll be having the first income distribution to unitholders very soon.
Then it's around to the accountant to drop off the original sales contract and final settlement statement, then it's off to the bank to drop off the two cheques we received at settlement, one the refund from the excess monies, and the second the interest on the deposit funds that were invested on our behalf about 4 months ago.
Wrote out a big list of things that need doing for the property, it came to 39.....ughhh....so I suppose Dad and I will start chipping away at those.
Never a dull day being a Landlord....damn site better than going to work !!!
