Interesting fence issue

Discussion in 'Legal Issues' started by Fernfurn, 3rd Feb, 2019.

Join Australia's most dynamic and respected property investment community
  1. Fernfurn

    Fernfurn Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    214
    Location:
    by a Bellarine beach
    The council gave us the 'owners' name for the back fence, which turns out to be the original developer. They say it is definitely sold but council paperwork hasn't been finalised, maybe because of Xmas. They also say they are getting a lot of this. The block is now up for sale. Is this a new strategy by investors - to pay for the block and have ownership but carry out final settlement and only pay all expenses when the block is resold? Maybe a saving of interest and stamp duty and conveyancers fees I guess?.
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,672
    Location:
    Australia wide
    No.
    Just that the transfer hasn't been registered yet
     
  3. Fernfurn

    Fernfurn Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    214
    Location:
    by a Bellarine beach
    How long after purchase do they have to register it?
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,672
    Location:
    Australia wide

    I owned one property where the title was never registered. I only found out when I sold it - about 3 years later.
    I am not sure how it works with PEXA and online settlements but it might be at settlement.

    Other things to consider
    a) settlement hasn't occured, or
    b) there is an option taken to purchase.
     
  5. Fernfurn

    Fernfurn Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    214
    Location:
    by a Bellarine beach
    Interesting tip. This block is up for sale so I wrote a registered letter and took it to the agent who has the block for sale and said 'No privacy issue, I don't want to know their name, but could you just send it on to them'. No worries, not only that, but he said as original re for the whole subdivision, they all had to sign a disclaimer that we could give out their name to new neighbours for fencing issues, so they also gave me the owners name for the back fence at my daughters block. Yeah!
     

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia