Let me continue my tuition from my last blog when I discussed What’s the best way to engage an estate agent and school you up on the relationship property owners have with Real Estate Agents.
About Rob Balanda
Rob is a partner in the Gold Coast based law firm MBA Lawyers. He is a highly regarded educator of property investors and estate agents and the author of the "Made Simple" series of books and CD's.
Visit www.ClausesMadeSimple.com
Conversations with your Bank Manager
May 16, 2013 by 2 Comments
If you are lucky enough to be invited to a cup of coffee or lunch with your Bank Manager, don’t miss this invaluable opportunity to educate yourself about how the finance world really operates.
What’s the best way to engage an agent to sell your property?
May 15, 2013 by 1 Comment
All too often property owners sign up an agent and engage them to sell their property as either their sole agent or exclusive agent without really appreciating the difference between the two.
Some investors too think that they should only ever sign a sole agency just in case they sell the property themselves and can therefore avoid payment of commission.
The ruthless negotiator
April 26, 2012 by 1 Comment
An opportunistic buyer had signed a Contract to buy a commercial property subject to a due diligence.
The due diligence was an exhaustive one in the hope that he would uncover something that he could hang his hat on and use this as a lever to force the Seller to reduce the price of the property. And he was successful as the Seller reduced the price by $100,000. [Read more...]
Conversations with your bank manager
October 27, 2011 by Leave a Comment
If you are lucky enough to be invited to a cup of coffee or lunch with your Bank Manager, don’t miss this invaluable opportunity to educate yourself about how the finance world really operates.
Try and resist the temptation therefore of acting like the prettiest girl in the class at school who is being courted by the captain of the football team.
Keep your ego in check and refrain from over talking and telling the Bank Manager about your life’s experiences and goals. Today is the time to be a lot better listener than you are a talker.
Take this occasion to ask the professional about transactions that come across their desk in this current market place. Ask them for examples of good and bad applications, ones that were approved and others that were declined, and why? Be humble and know that there is a lot to be learned from this individual if you just seize this moment. [Read more...]
Selling through mulitple agents
March 31, 2011 by Leave a Comment
If you list your property with more than one real estate agent, make sure you don’t become liable for more than one commission.
A young client showing wisdom far beyond her years called me to seek guidance about how to protect her investments on a sale of a unit she had listed with three agents.
One of the agents had submitted an offer… [Read more...]
You can run, but you can’t hide
February 17, 2011 by Leave a Comment
Small mistakes can often snowball into larger problems when it comes to property transactions.
Sometimes as a property investor you can make a mistake, pay the price and then just move on. Other times the problem hangs around to haunt you.
A case in point is an investor made was to neglect to ask for a list of exclusions that weren’t included in the sale, only to find out following settlement that more than $5000 had to be spent on a number of matters to bring the property up to scratch to keep the tenant happy.
Readers will recall that the investor hit the developer up to pay for these costs and do the work itself and at its expense.
Hallelujah, the developer agreed to do the right thing and carry out his work. But this wasn’t the end of it. [Read more...]
Legal loopholes Part 2
October 7, 2010 by Leave a Comment
Last month, we pointed out five possible ‘escape hatches’ for buyers wanting to legally exit the contract. Here are seven more. [Read more...]
Legal loopholes part 1
October 6, 2010 by 6 Comments
If you’ve ever signed a contract and then suffered from buyer’s remorse, this article could help you find a way out.
In a past life when I was a young man, just before the outbreak of World War 2, I taught night classes on real estate law at the local TAFE College. One evening I finished a segment on the legalities of real estate contracts, outlining the six essential ingredients of a legal contract. [Read more...]
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