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Testimonials!

What you gain from Brown & Brown Conveyancers?

TESTIMONIALS:
Garth Brown Endorsement

Hi Garth,
 
Just to let you know that we received our deposit back from the real estate agent's office last week. Thank you for the service you provided throughout the whole process (especially in helping to get the deposit back a sap) - it was great, and really appreciated. We thank you again and wish your business well.
 
Kind regards,
 
Lydia and Stephen - Artarmon

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Hi Garth,

For someone that is time poor and not accustomed to the process of buying property that often, your assistance in guiding me through, making sure I actioned things on time, and your overall support in ensuring I was aware of my rights and obligations was a great comfort - and a great servcie.

Thank you for your help - I love my new apartment.

Jenny Wilson - Kirribilli

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Brown & Brown e-Newsletter
by Garth Brown


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"WHAT HAPPENS IF ONE OF THE PARTIES DIES BEFORE COMPLETION?"

What happens if after exchange of Contracts or signing of the Contract and tendering the Deposit to the Agent - one or both of the Vendors or Purchaser’s dies before settlement of the Property?

Our Firm experienced this situation around 4 four years ago.
We were acting for two Elderly Vendors where two weeks AFTER Auction the Wife died of a Heart Attack; this was a shock for all of us in the Office when we heard; settlement was in four weeks.

What is the situation legally here?

The Contract is the Controlling device as to how these matters are to be handled and interestingly at Brown & Brown Conveyancers we always insert a ‘Special Condition’ dealing with this situation in the Contract.

Not all Contracts have this ‘Special Condition’ we recommend you don’t sign a Contract until you make sure your Legal representative covers this for you.

SPECIAL CONDITION - CONTRACT WORDING
"If the Vendor or Purchaser or if more than one of them shall die; become mentally ill; or go into bankruptcy – then "either "party may rescind the Contract" and return the Deposit to the Purchaser."

RESCIND
Means to return the Deposit to the Purchasers and both Vendor
and Purchaser revert back to their positions before signing the Contract - so there are no rights or obligations on anyone.

In this case the Husband Vendor wanted to settle and the Purchasers, a young Couple, also wanted to complete.
Therefore we needed to wait for the Notice of Death Certificate issued by a Doctor and then lodge the Title with two names to the Solicitor to amend the Title to the Surviving Husband – this is known as Transmission Application.

TRANSMISSION APPLICATION
Only Solicitors handle this part dealing with Wills etc; the Title was marked Joint Tenancy so automatically the Share of the property transfers to the Husband after the Lodgement of the Transmission application that contains the Will.

We had to wait for all of this to happen. When the New Title was produced with the Husbands name on it then we could settle the property.

This was one Conveyance I will never forget in my Conveyancing career.

Good information for the Public to be aware of and to contemplate the need for Life Insurance for anyone young or old.

"Death is no respecter of Bank Account balances or who you are in Life"
- A quote from an old School Teacher I had back in Country NSW.

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PLEASE DOWNLOAD OUR FEATURE CONVEYANCING ARTICLE IN AUSTRALIA'S BEST BUILDING, CONSTRUCTION & MINING MAGAZINE.

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Thank you again for your valued custom.

License No: 1055854

Our next eNews:

“Add Value to your property" – mid October 2009

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