Registering your property contract

pinkchilli


Joined: 30/11/2008
Posts: 689

Message Posted:
03/11/2009 15:52

To be in a position to register your property contract, I believe that you would have already paid a "sizeable" deposit, or even the "first stage" payment.



Assuming your advocate has not shown any duty of care (lol) any mortgages may be taken out either before signing the contract or after, but before registration of the contract.



I know that the vendor would be in breach of contract if he/she stated there was no mortgage on the property, and subsequentially took out one, but by the time this was discovered, he/she would already have your money.



Has anyone signed a contract in the last 6 months, then discovered after paying some money, that there was a mortgage?



Has anyone discovered a mortgage that was taken AFTER the contract was registered?



Have I understood this correctly? If so, would it not make more sense, for any money paid to be held in trust by your advocate, until the contract is registered. Then if a mortgage was discovered, the money could then be returned.