Hi, I am just about to purchase a house but want to know if I am just making someone elses pockets fatter, I have no idea about any of this kind of stuff.
We are due to be handed over possession of the property in a couple of days and I want to clear up a few things.
Firstly, settlement date is Aug 2010 by which $131,000 is to be paid but at $265 p/w thats not going to happen. After 3 years we have a choice to extend our agreement for another 2 years, but at the end of the 5 years what would happen if could'nt find anyone else to finance us, would seller have to refinance or would we forfeit house?
Also a condition is if contract cancelled then vendor shall retain sums paid from possession to cancellation, is that fair???
Is seller entitled to increase rental amount if total rates and insurance increase in any 12 mth period and on contract should it have how much $ p/w is going to what, i.e rates, insurance etc or does onlt total amount need to be displayed??
Seller verbally told me I can sell the house at anytime after taking possession of property as long as outstanding balance is paid, but contract says, Purchaser may take title at anytime upon payment of balance owing and will allow vendor to arrange finance on no less favourable terms then current contract, what does that mean??
Lastly vendor has added to undertake certain repairs to house at his expense but he hasn't stipulated a date this will be done by, should he have???
We are due to be handed over possession of the property in a couple of days and I want to clear up a few things.
Firstly, settlement date is Aug 2010 by which $131,000 is to be paid but at $265 p/w thats not going to happen. After 3 years we have a choice to extend our agreement for another 2 years, but at the end of the 5 years what would happen if could'nt find anyone else to finance us, would seller have to refinance or would we forfeit house?
Also a condition is if contract cancelled then vendor shall retain sums paid from possession to cancellation, is that fair???
Is seller entitled to increase rental amount if total rates and insurance increase in any 12 mth period and on contract should it have how much $ p/w is going to what, i.e rates, insurance etc or does onlt total amount need to be displayed??
Seller verbally told me I can sell the house at anytime after taking possession of property as long as outstanding balance is paid, but contract says, Purchaser may take title at anytime upon payment of balance owing and will allow vendor to arrange finance on no less favourable terms then current contract, what does that mean??
Lastly vendor has added to undertake certain repairs to house at his expense but he hasn't stipulated a date this will be done by, should he have???
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