We understand all areas
of private property purchases.
We understand all areas
of private property purchases.
Private Mortgages & Contracts
Personal Mortgages and Contracts ensure that your interest in the property is secured. This can be between family or friends or simply a transaction where no Agent is involved.
Private Mortgages
Private Mortgages should always be secured by some form of a written loan agreement which specifies the rate of interest, repayment terms and amount borrowed. It is not enough to have a verbal or informal agreement to lend funds as this can be perceived as a ‘gift’ by the courts if queried.
Private mortgages will often be between family members or friends and a formal loan agreement can be the best way to secure your interest.
A private mortgage can be registered or unregistered on the Certificate of Title. In the event of the latter, the private mortgage can be secured by a caveat.
Each private mortgage has bespoke requirements and we can assist in providing you with a solution.
Private Contracts
In a competitive market Vendor’s and Purchaser’s are increasingly looking to private sales to buy and sell property. Absence of a Real Estate Agent can make navigation of this process daunting and overwhelming.
Some items to consider:
- do you know the information required to include in a Contract for sale of land?
- do you know what information you are legally required to disclose in a Form 1?
- where should the deposit be paid?
- how about what items are usually included in a sale?
- how to make amendments to the Contract so that they are legally binding?
- what are your responsibilities at “Contract execution” and “Settlement”?
Optima has all the tools necessary to successfully assist you in negotiating your next private contract.