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Testimonials!
What
you gain from Brown & Brown Conveyancers?
TESTIMONIALS
September 2009:
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
. . . . . . . . . . . .
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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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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