Hi, I think this might be a fairly basic question, but it's worth asking. We may be about to buy an IP - some argy bargy on price and conditions and the deal is currently off, but I suspect it may be resurrected next week.
Anyhoo. The vendor has a few financial issues - among them nearly $3000 in outstanding rates (almost three years worth) and about $1000 in outstanding body corp fees. I asked the agents for confirmation that these would be sorted out at settlement and not passed to us if we became the new owners. They said that was the case - and why would I doubt them?
Actually, I do, a teeny bit. Is it something you have to make sure is written into the contract? Or does it happen automatically? Advice? Suggestions? All welcome, cheers.
Anyhoo. The vendor has a few financial issues - among them nearly $3000 in outstanding rates (almost three years worth) and about $1000 in outstanding body corp fees. I asked the agents for confirmation that these would be sorted out at settlement and not passed to us if we became the new owners. They said that was the case - and why would I doubt them?
Actually, I do, a teeny bit. Is it something you have to make sure is written into the contract? Or does it happen automatically? Advice? Suggestions? All welcome, cheers.