Macquarie 3rd party legal team

Hi all

I got my formal loan documents for signing last week Thursday for purchase of a residential land.

However, there were two clauses in there:
1. To have a building insurance
2. To have a new contract showing the new vendor name i.e. Frasers Property. Previous contract signed was with stockland but fraser bought them over

My question is i have escalted this to my broker to fix since thursday last week and haven't heard since. Settlement is next week wed.

Should i be worried? What I can do?

 

Your broker shouldnt be assisting what is a legal issue. Your solicitor would need to address the contract with the vendors solicitor. Why have you waited so long ?

You will need to insure the property prior to the bank settling the loan and generally are required to note the interest of the lender on the policy. If its just vacant land then the lender may not require insurance..>Check with broker. Otherwise this policy document needs to be provided to the broker and then to the lender.

 

I'd be concerned not worried.

1. Get building insurance
2. Get your broker on the phone / email etc. He/she isn't getting paid until the loan settles - so this should keep their attention focused.

 

1. How does one get building insurance for a residential land?
2. I have been following up on a daily basis. Macquarie BDM is aware of it from my understanding from the broker

 

I don' think this is something for my solicitor to look at as these are the conditions that Macquarie sets , i would have believe

 

One does not. It's probably a standard proforma letter that no-one at Macquarie has realised yet, is not applicable.
If the broker has the BDMs ear then it should be in train... all the best.

 

Your broker needs to inform Macquarie (and their solicitor) that it's vacant land. This happens all the time, the insurance requirement is standard for properties with a building on them, but often the banks don't apply some independent thought and put it in every contract.

Not sure about the second problem, I've never seen it happen. If I were the broker, I'd be contacting Macquarie to explain and ask them what's needed. I'd then get in touch with your agent or your conveyancer to get it sorted.