Tag Archive: Finance

Great Rate, With A Terrible Headache

Posted on November 28, 2007 by | 1 Comment
by Shannyn HunterConveyancer shannyn@lawyersconveyancing.com.au Lawyers Conveyancing  Imagine my client’s glee when he received pre-approval for a loan to buy his first home.  The broker had found him a low rate – he hadn’t been able to borrow enough from the major lenders – and had promised the world. Fast forward three months, and he’d missed several days of work to satisfy the banks requirements, and was at risk of losing the property twice due to the...

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Non-Standard General Conditions

Posted on June 14, 2007 by | 0 Comments
by Peter Mericka B.A., LL.BReal Estate Lawyer Qualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd   At Lawyers Conveyancing we check a lot of real estate contracts as part of our pre-purchase legal advice service. Recently we have seen an increase in the number of contracts where the General Conditions have been changed so as to render them non-standard. An alarmingly common trend is to change the standard finance condition so that the purchaser...

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Lousy Advice Can Be Costly

Posted on May 1, 2007 by | 0 Comments
Consumers are again warned about “throw away” legal advice from estate agents. A client of ours has just called to ask whether the estate agent was correct in advising him to sign a Contract Note, even though the date for payment of the deposit expired 4 days ago! The helpful estate agent advised our client that the deposit payment date would not matter, as the vendor would understand. (According to the client, the estate agent...

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Cunning Commission Clause

Posted on May 1, 2007 by | 0 Comments
by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au Buyers default, seller still “liable” to agent.A young home-seller had to change solicitors when a problem arose on his sale. Apart from the same solicitor having acted for both parties, the issue was simple: the buyers could not settle on time. They would be delayed because their bank was refinancing another property as part of its financing of this one. Although finance was approved and...

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Estate Agents & Home Loans – Conflict Of Interests?

Posted on April 30, 2007 by | 0 Comments
by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate Ask any estate agent who they work for, and they will readily identify the vendor as their client. Ask the same estate agent about any duty owed to the purchaser, and the response “caveat emptor” (buyer beware) is blurted out faster than the answer to an easy question on a TV quiz show. But ask the estate agent whose...

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Estate Agent’s Finance Clause

Posted on April 30, 2007 by | 0 Comments
  by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate Consumers should take care if they find that this estate agent’s “Conditional On Finance” clause has been inserted into the real estate contract. Ian Reid is a Melbourne estate agent whose “Ian Reid Vendor Advocacy Australia” website boasts: “Ian Reid’s career in real estate spans almost 30 years…Over those years, many thousands of clients have come to rely,...

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Long Overdue: Regulation Of Finance & Mortgage Brokers

Posted on April 30, 2007 by | 0 Comments
  by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au It has been almost two years since the release of the Ministerial Council of Consumer Affairs’ Discussion Paper detailing options for a national regulatory scheme for finance and mortgage brokers. On Monday this week ABC Radio’s The World Today programme reported on what it described as “the miserable and sad end of the property boom in some Australian cities.” Easy money and climbing...

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Bully Banks Cost Battlers $Millions

Posted on April 30, 2007 by | 0 Comments
by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate For some time now a number of banks and non-bank lenders have been promoting themselves as “the battler’s buddy”, while illegally forcing their clients to pay for costly certificates. We believe that over the past decade these bully banks and their lawyers have fleeced their borrower clients of $Millions. It’s a clever scam, because it avoids the disclosure requirements...

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Witnesses Beware!

Posted on April 28, 2007 by | 0 Comments
by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au   A recent court decision in New South Wales rings warning bells to all those asked to witness property documents. The law is familiar, the Court of Appeal judge remarked, with cases where someone forges a property owner’s signature on a mortgage, induces someone else to witness the forgery then borrows money on that security. “Often the forger has been the husband of an...

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