NEED ADVICE ABOUT PROPERTY LAWYER!...
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Category: General Chat
Forum Name: General Chat
Forum Description: For mums, dads, parents-to-be, grandparents, friends -- you name it! And you name the topic you want to chat about!
URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=20802
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Topic: NEED ADVICE ABOUT PROPERTY LAWYER!...
Posted By: BaAsKa
Subject: NEED ADVICE ABOUT PROPERTY LAWYER!...
Date Posted: 10 September 2008 at 10:15am
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I need some help with our property lawyer - she seems like a very hard lawyer and iv found it rather hard to convey any of my wants and thoughts to here.
SO anyway my bank manager needs the new purchase agreement that has the new earlier settlement date and also my mums name on it (she is using her house as equity so we are putting her name on the house with us until we have payed off the equity form her house for her own peace of mind).... I just rung the lawyer and told her that we need this and she said that she cant give it to us because when we sign the papers on friday we will sign a nominee thingy mabob! and that have mums name in it.... MY QUESTION - does this mean her name will be on the house along side DH and I??? because that is what we want but im getting the impression that its not!!?? 
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Replies:
Posted By: ginger
Date Posted: 10 September 2008 at 12:58pm
I'm guessing that you signed the initial agreement in your own names and/or nominee so you could add your Mum? It's been a while since I got involved in conveyancing but if that's the case, you need to sign a Nomination Agreement before your Mum's name can be added to the Agreement for Sale and Purchase, so at the moment, the copy your lawyer holds just has your names on and your lawyer doesn't have the proper paper work yet to add your Mum. Does that makes sense? ... probably doesn't. Nothing I say makes any sense any more ...   It's all Cuinn's fault!!  ------------- Cuinn Lachlan 23.1.09 - 22:00 Antonia Helene 4.8.11 - 09:41 |
Posted By: Peanut
Date Posted: 10 September 2008 at 1:01pm
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Was your mums name put on the purchase agreement that you signed when you brought the property?
If not, then her name will not be on the house. You may have put both yours and Dh's names and then also and nominee and that means that your mums name can be added at a later date. Also you can ring the real estate agent and they can get a copy of the contract faxed to the bank. We do it all the time at work. -------------  
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Posted By: minik8e
Date Posted: 10 September 2008 at 1:57pm
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What your lawyer means is that you need to sign a Deed of Nomination which changes the purchasers on the agreement from just your names, to include your Mums. At the moment, the agreement won't satisfy the bank because it will only have your names on it, and unfortunately it's not as easy as just adding another name to the agreement as then it has to be re-signed by the vendors as well, as it is essentially a change to the agreement.
Hope this makes sense! |
Posted By: Troods
Date Posted: 10 September 2008 at 5:23pm
Pretty much what minik8e said. The sale and purchase agreement does not need to be amended and re-signed for the purposes of recording the earlier settlement date (which is usually agreed by letter between the parties' solicitors) and if you want to add your mum's name to the property. The Deed of Nomination will basically be in addition to the sale and purchase agreement, and an agreement solely between yourselves as the purchasers named on the sale and purchase agreement, and your Mum as the new additional purchaser nominated by yourselves. It will be a copy of the Deed of Nomination that your bank will require and that should suffice for their purposes. Your lawyer will simply confirm with the Bank your new settlement date. The Deed of Nomination together with the sale and purchase agreement will be the base documents used to put the house title in yours, your DH and your mum's name. Hope that helps clear things up  ------------- 
 Missed MC July 2011
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Posted By: busymum
Date Posted: 10 September 2008 at 8:45pm
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Next thing you will have to discuss is whether you and your DH, and your mum will go in with %'s of ownership or if it will all be just grouped together. PM me if you want more info on that. ------------- |
Posted By: BaAsKa
Date Posted: 11 September 2008 at 12:17pm
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oooooohhhhhh!!!! I totally get it now!!!!!!
thanks heaps ladies
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