KNR Legal in Deception Bay, Queensland | Estate planning solicitor

KNR Legal

Locality: Deception Bay, Queensland

Phone: +61 7 3193 9983

Address: Mobile Solicitor 4508 Deception Bay, QLD, Australia

Website: http://www.knrlegal.net.au

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25.01.2022 We have a new number!!!!

17.01.2022 We will remember

15.01.2022 Our favourite day of the week! Friday Fact time! So, you go under contract on a house and your bank approves your finance. But uh oh, the building & pest inspection has come back with some rectification works needed and these will cost around $35,000. You think, that's fine, I'm approved for the finance so I'll ask for a price reduction and then do the works myself with the funds left over. But unfortunately, your bank will also adjust the loan. So going under contract for $5...00,000 and then asking for a price reduction of $35,000. The bank will only lend you up to the $465,000 required (for ease, we have disregarded a deposit) and you'll have to raise the funds in other ways to cover the works required. We see this a lot but it doesn't have to be a reason to crash the contact. One of our suggestions is to request that the vendors do the works required and you can still proceed with the purchase at the original agreed contract price. This is just one of the ways we may suggest to move forward but ultimately it depends on your circumstances and how you're purchasing the property (SMSF have their own guidelines) so it is always best to chat to your conveyancer. If you are purchasing a property that needs some love - request to have your own trades attend to quote - knowledge is power! Have a fabulous weekend! Also, we will kindly accept any questions for our Friday Fact. General information only so if there's ever been something you're not sure of, please send us a message.

11.01.2022 Christmas has come early at KNR Legal

08.01.2022 A little late with our Friday fact but it’s still Friday! Did you know that pre-approval for finance is time sensitive and only valid for a certain period of time? Many banks have different policies but it is something to be aware of if you are buying off the plan or building. The finance approval can lapse while you are waiting for completion and you need to make sure your circumstances are the same when completion is called. ... For example, you may go under contract in Jan 2019 with pre-approval for finance. Your property is completed in Feb 2020 but in this time you may have changed jobs, been injured or banks may have tightened their lending policies and suddenly you may not get that finance you were counting on. Or the valuation of your property comes in less than expected and your bank will no longer lend on it leaving you with a property you can’t settle on. Before purchasing property that isn’t due for completion or settlement within your finance dates, make sure you have a fantastic broker who can guide you through the process and make recommendations for the best way to move forward and ultimately avoid any nasty surprises. But also, when buying always do your own due diligence - research property values in the area over years, not just months and look at what other development is due to occur in the time between you buying and ultimately moving in. Have a wonderful weekend!

01.01.2022 Ready to get our learn on....