When the loan is wrong ???

Hi all.
So, the loan doc's turned up today for the latest purchase, and they're WRONG !

What I mean is that upon reading thru every single detail I found that listed as "security for the loan" is a property that is the developers office (20klm away) and not the property I am buying !
Yes, it's OTP

What would be the possible outcomes of ignoring this ?

Not after legal advice, just wondered about the "IF"

 

You don't want to ignore that!

Approach your broker/banker now and get this sorted.

Cheers

Jamie

 

Happens all the time. The last loan I signed the Solicitors had to prepare a complete set of loan documentation 3 times. It was wrong, so I sent it back with the corrections and they re-drafted it. Second set was still wrong, it still had mistakes! Lucky for them I read the first draft because it would not have been good for the bank if I signed it.

 

Haha! You will end up buying the developers office

Not really, but it will cause issues come settlement time so get it sorted out now.

 

Do not ignore it. Do not sign the paperwork. Get it sorted and only sign when it is correct.

 

Glad you picked it up....

 

I'd like to think I could end up with an unencumbered title

I know it needs to be brought to their attention, but if got me wondering "IF"

Seriously though, they can write Ms Stoffo on one line, then two lines later it's "Mrs Stoffo"

How do these people earn so much when they are SO STUPID

 

lol....not as good as one of mine, the bank advised they would be providing about 150% of the purchase price, which I was ok with

 

Likely outcome is that it will be picked up at settlement and it won't settle. Settlement will be delayed until security address is rectified. I don't believe anything positive will come of it for you. Fix this now, so you can settle on time.

 

The people that write the loan docs aren't that well paid.

 

But they charge at experienced solicitors rates ! Well, at some lenders