Name and other information on title (your advice/suggestions/feedback required)

Hello everyone

I am thinking of buying a property but this situation is bit unique so looking for your views/ advice about the matters.

A person is trying to sell the property directly without any real estate company. I contacted him and saw sec 32 Briefly. I noticed that rather than that person's name on the title, it had premium custody services Pty ltd as sole proprietor and the. Just below it mentioned under mortage CBA. They guy said it is normal and the property is his.

Sec 32 and title appeared to be from around June 2020. On the top of the sec 32 as vendor it mentioned another ltd company.

I don't know if it is relevant or not but it appeared that he had renovate the whole property so he had put in money/ labour into the property. The guy wouldn't negotiate either.

My discomfort is that I have always seen people/entities name on title so I am not sure what to make of it and how do I check if he is a ok person. Should I call premium custody services ?

How about the law firm that prepared sec 32 for the property, would they know more?

Also I am happy to go with 30 day settlement but bit wary of paying significant deposit to a non trust account so any suggestions?

Thanks everyone in advance for their feedback.

 

What does YOUR solicitor say?

 

I will be talking to them next week but wanted to be in an informed position about general norms about the above outlined things before doing that. Tha

 

Does the seller not have a solicitor/conyancer?

 

The guy didn't seem very savvy ( or may be just appeared that way) with these things but I took a note of details of the conveyancer's who had prepared sec 32

 

He could own "Premium Custody Services" or he could be dodgy, I wouldn't be buying a property if the party didn't have a property lawyer or conveyancer acting on their behalf.

 

I did a search on premium custody services, turned out the guy was right, this entity is also owned by CBA and they guy didn't say he didn't had any conveyancer, and as outlined above a law firm had also prepared sec 32 for this guy.

 

It might be a SMSF Custodian trustee. This would mean it holds the property on trust for the trustee of a SMSF.

What you want to know is if he has authority to make decisions for this company, which he probably would if he was the director of the SMSF Trustee.

 

I think you are on the mark, the entity's name on the vendor statement, on ASIC's search is coming out as trustee of a super fund. Seems like a corporate trustee. I think a company search should reveal information about its directors. I guess I will have to pay to find out, but from experience, more than likely the corporate trustee will have atleast two trustee. I guess I have to find a way to look this information up.

One other key questions is how do I go about paying deposit to this guy as it is likely to be his account (non trust bank account) any suggestions?

 

You shouldn't be paying deposit to a third party, even if he is the sole director of the trustee. you would want to pay it into a solicitor's trust account if there is no agent. they would probably be breaching a few laws if you paid them directly.

 

If it is a company owned by CBA a company search won't show much. speak to your conveyancing lawyer,, but it is likely to be the legal owner on behalf of the SMSF. This is unusual but some did set up SMSFs up that way.

 

I feel comfortable with your suggestion. Just to clarify - who would be in breach if they take deposit(I take you mean in a non trust account) - the vendor or the law firm.

 

The individual would be breaching property law as well as superannuation law, It would likely be a breach of the contract and if a lawyer recommended this they might be negligent.

 

Thanks for clarifying it. Make sense.tha