And mortgage discharge fees penny warren purchase from tom jones
Scenario: - Janet and Ben Green are new clients of NBI Conveyancing and are consulting the team about the apartment they recently purchased for 900,000 dollars. This apartment is an energy efficient gem located in the heart of the city. The apartment has solar power for heating and does not have any air conditioning.
The residents in the block of units rely on an external tank for water. The complex does not have any parking facilities, but there is a lockable bike storage for residents to use.
Ben is a software developer with a reliable income and runs a small digital agency. Janet is a yoga instructor with an unreliable income. They have two cats, Tabatha and Ginger.
Ben and Janet’s funds for the property will be financed through Loany Wealth with the loan amount being $600,000 and Janet’s grandmother funding the balance. Settlement for the property is due on 27th December.
The vendor has a large land tax bill of $3400 which concerns both Ben and Jane. Would they have to pay any of it considering they plan to live in the apartment as their home? Will the vendor be able to claim reimbursement of any of the council rates and body corporation fees which they have paid in full? Advise Ben and Janet according to legislation and Contract of Sale of Land. You do not need to make any calculations to answer this question.
Ben and Janet conduct an inspection of the property and report back that the length of the property seems to be a bit over a metre shorter than the title plan indicates. Advise the client referring to Contract of Sale of Land and legislation.
Question 3: In your own words, explain one (1) mistake, practitioners make when attaching a copy of a plan of subdivision or certificate to disclose matters associated with land use. Research the Sale of Land Act and apply the relevant legislation.
Question 4: Explain where you would obtain building permits, planning permits or certificates of occupancy. Briefly describe each permit and certificate, in your own words, and the process of obtaining each.
Question 9: Albert Jones has signed a contract of sale to purchase a new home. Should Albert rely on the vendor’s house insurance policy prior to settlement? Include four (4) risks that exists when relying on a vendor’s insurance (including 1 risk that is outline in the Sale of Land Act 1962 (Vic).
Question 10: List three (3) examples of information you would receive, when you conduct a search with Land Registry.
She is the only occupant of the rental. Mary is responsible for the payment of gas, electricity and phone directly to the utility provider.
The tenant will also pay for water usage. The rent must be paid by direct deposit with the reference 234M4 to be included to the following account:
The address for the property is 344 Havenue Road, Maryvale. For the purpose of this scenario, use your state as a reference.
A: Prepare a lease using an approved lease form from your state. You can simulate or invent any other information that is required.
Save it using the following naming convention:
File Note DD.MM.YYYY Mia and David Burlington
Account 45566777
Bank: Commonwest
Any damage caused by the cats, eg holes dug etc are to be rectified by the tenant immediately.
The tenant understands and agree to undertake professional flea fumigation at the premises upon vacating.
File Note DD.MM.YYYY John Biginton
Upload it to this section once completed.
In preparing these accounts you will on occasions have to make
assumptions or need to seek further instructions from your clients.
Particulars of these assumptions,
further instructions, or notes about failures in office procedures must
be stated as footnotes to your accounts.
Trust account receipts start at 000. Trust account cheques start at 1000
and are signed by C Roberts, the Efficient Conveyancing’s office
accountant. The responsible partner supervising your files is Belinda
Scott.
The lowest balance in the trust account for the period 1 July 2021 to 30 June 2022 occurred on 7 July 2021 in the amount of $12000. The amount held in the statutory deposit on that day was $11 000. The relevant portion of the Efficient Trust Account Bank Statement is set out on the next page.
02/01/2022 Estate of White – deceased. File No 897. Received from RAMS a bank cheque for $10 000 being the proceeds of the deceased life policy number 123645 together with written instructions from the two executors to invest the funds with Northpac Bank on a term deposit for two months. Interest to amount to $500 over the two-month period. The balance including accrued interest is to be reinvested on the same terms. The bank confirms on the telephone that their bank cheque is valid and will clear.
14/01/2022 Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque for $100 in favour of Law Point for search fees.
04/03/2022 Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque for $150 in favour of Land and Property Information to cover all transfer and mortgage settlement fees.
05/03/2022 Penny Warren purchase from Tom Jones, 7 Stewart Lane. File No. 645. Draw a trust account cheque for $600 in favour of Efficient Conveyancing for professional fees.
