Questions re mortgage on title, OC appointment

Discussion in 'Legal Issues' started by FXD, 14th Jun, 2019.

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  1. FXD

    FXD Well-Known Member

    Joined:
    30th Aug, 2018
    Posts:
    290
    Location:
    Melbourne, Victoria
    Hi experts,

    I am looking at a commercial deal at the moment and the selling agent has just provided the title.
    There is a mortgage registered on the title:

    MORTGAGE AS086136M 12/04/2019
    DENVAE PTY LTD
    CATANI PTY LTD

    Few questions I have:
    1. How/Where can I look up the details of the mortgage as it seems the lenders are not the usual
    bank lenders and more like private arrangement to me.

    2. How/Where can I find out if both PTY LTD are related to vendor or not?

    3. This is a brand new development with new lease signed in Nov 2018 and I can only assume
    that the vendor bought off the plan and settled in April 2019, ie a flipper. Where to find out how
    much the property was sold off the plan?

    4. The 2018 land information certificate & valuation certificate shows CIV amount to be
    $1,000,000.00 *less* than vendor's asking price. Although the vendor may leverage the
    rent amount to support its asking price, but every $1 of the rent translates to $10 on top of CIV,
    which is rather high. What do you think?

    5. Lessee is the OC itself, and the OC manager who signs the lease is actually one of the
    developer company's director. Is this common?

    Obviously, my lawyer will be engaged if/when I am moving ahead. However, I want to know if I can
    find out as much as possible above info first before I go to my layer.

    Thanks,
    FXD
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,323
    Location:
    Australia
    If you buy it the mortgage will have to be discharged.

    Why does it matter who it is now?
     
    Terry_w likes this.
  3. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,920
    Location:
    Australia wide
    1. do a search on the dealing number
    2. do an ASIC search
    3. google or ask the vendor. This is private information