1 00:00:02,040 --> 00:00:04,000 Speaker 1: Cole leg Itt. Welcome to Probably Insights. 2 00:00:04,120 --> 00:00:06,240 Speaker 2: Thank you very much for having me. Nice to meet you, Mark. 3 00:00:06,960 --> 00:00:09,440 Speaker 1: I guess I better explain to you while we actually 4 00:00:09,480 --> 00:00:15,200 Speaker 1: come in A mutual friend Damien Cooley, who's you know? 5 00:00:15,400 --> 00:00:17,880 Speaker 1: I often said on the show that is probably one 6 00:00:17,920 --> 00:00:23,960 Speaker 1: of the most successful auctioneers in the country. Definitely, Yeah, 7 00:00:24,040 --> 00:00:27,520 Speaker 1: you degree send me a long email, not long as 8 00:00:27,520 --> 00:00:32,000 Speaker 1: long as email suggesting that I talked to you. You're 9 00:00:32,000 --> 00:00:35,959 Speaker 1: a lawyer. You run a firm called and Legal, which 10 00:00:36,040 --> 00:00:38,960 Speaker 1: no doubts are your initials, and you're based in a 11 00:00:39,040 --> 00:00:42,760 Speaker 1: Will Bay and he says you're a boutique law firm. 12 00:00:42,920 --> 00:00:45,040 Speaker 1: You don't look old enough to have this be the case, 13 00:00:45,080 --> 00:00:49,600 Speaker 1: but you practice for twenty two years in this firm, 14 00:00:50,240 --> 00:00:53,400 Speaker 1: specializing in corporate commercial franchise. He probably low commercial distributes. 15 00:00:53,440 --> 00:00:55,960 Speaker 1: But the thing we want to talk about today is 16 00:00:56,040 --> 00:01:02,000 Speaker 1: the issue that Damien's currently being one is offended by it, 17 00:01:02,040 --> 00:01:06,600 Speaker 1: but currently being confronted with, and that is about foreign 18 00:01:06,680 --> 00:01:11,440 Speaker 1: buyers in Australia. Now to a large extent, foreign buyers 19 00:01:12,440 --> 00:01:16,640 Speaker 1: can prop up prices. Some would argue that that's not good, 20 00:01:16,680 --> 00:01:19,240 Speaker 1: and some would argue it's great if you're especially for revendor, 21 00:01:20,560 --> 00:01:23,080 Speaker 1: and generally speaking, these buyers buying the sort of upper 22 00:01:23,160 --> 00:01:27,080 Speaker 1: end of the environment anyway, where there aren't a lot 23 00:01:27,080 --> 00:01:29,319 Speaker 1: of there's not a lot of competition, and most people 24 00:01:29,360 --> 00:01:32,000 Speaker 1: in Australia can compete anyway. But there has been legislation 25 00:01:32,040 --> 00:01:37,479 Speaker 1: Australia that discourages foreign buyers by sort of imposing financial penalties. 26 00:01:38,080 --> 00:01:40,080 Speaker 1: And what I was hoping you could do for us 27 00:01:40,120 --> 00:01:42,640 Speaker 1: today is explain how this all works. Is I really 28 00:01:42,640 --> 00:01:47,160 Speaker 1: don't know it works, So just take me through the process. 29 00:01:47,400 --> 00:01:50,160 Speaker 2: Sure, Okay, So over the last couple of years they've 30 00:01:50,160 --> 00:01:52,120 Speaker 2: been changing all of the fees and all of the 31 00:01:52,120 --> 00:01:56,360 Speaker 2: structures for foreign buyers to buy. Correct. Correct, it's all 32 00:01:56,440 --> 00:01:58,680 Speaker 2: kind of run through the ATO and the Foreign Investment 33 00:01:58,720 --> 00:02:03,160 Speaker 2: Review Board. So last year alone they tripled the fees 34 00:02:03,200 --> 00:02:06,080 Speaker 2: for their application fees for foreigners to buy in Australia. 35 00:02:06,280 --> 00:02:08,720 Speaker 1: So who's a foreigner? So just maybe let us know 36 00:02:08,800 --> 00:02:10,040 Speaker 1: that for a start, good. 37 00:02:09,919 --> 00:02:12,960 Speaker 2: Question, what foreigner? So a foreigner is anyone who isn't 38 00:02:13,000 --> 00:02:17,000 Speaker 2: an Australian citizen, permanent resident or New Zealand citizen as well. 39 00:02:17,320 --> 00:02:20,799 Speaker 1: So you're talking about people like as an individuals. But 40 00:02:21,040 --> 00:02:24,440 Speaker 1: if they try to a company is registered in Hong Kong. 41 00:02:24,480 --> 00:02:26,000 Speaker 1: Forgan got it. 42 00:02:25,840 --> 00:02:28,600 Speaker 2: Needs to be one Australian resident director and needs to 43 00:02:28,639 --> 00:02:32,200 Speaker 2: have majority ownership of Australia Australian shareholders as well. 44 00:02:32,360 --> 00:02:36,360 Speaker 1: So can I just explore them for a second, Nicole, You, 45 00:02:36,480 --> 00:02:41,040 Speaker 1: being a lawyer might appreciate the question. But establish a 46 00:02:41,080 --> 00:02:43,359 Speaker 1: company in Hong Kong, which is not that hard to do. 47 00:02:44,360 --> 00:02:49,519 Speaker 1: Of course they still have English law there. And managed 48 00:02:49,560 --> 00:02:52,040 Speaker 1: to get my accountant in Australia to say he's a 49 00:02:52,040 --> 00:02:56,360 Speaker 1: director or she's a director and then set up an 50 00:02:56,360 --> 00:03:02,119 Speaker 1: Australian company register with that s with two Australian directors 51 00:03:03,000 --> 00:03:04,840 Speaker 1: and it owns all the shares in the company in 52 00:03:04,880 --> 00:03:08,360 Speaker 1: Hong Kong? Is that a foreign foreign buyer? 53 00:03:08,560 --> 00:03:10,440 Speaker 2: So if the shares are owned by the company in 54 00:03:10,440 --> 00:03:12,040 Speaker 2: Hong Kong, absolutely no. 55 00:03:12,160 --> 00:03:14,160 Speaker 1: Let's say they're un by Australian company which. 56 00:03:13,960 --> 00:03:16,600 Speaker 2: I set up. Got it owned by the Austraian company. 57 00:03:16,639 --> 00:03:19,679 Speaker 2: If the ultimate holding companies in Hong Kong, then yes 58 00:03:20,080 --> 00:03:21,519 Speaker 2: it would be deemed foreign. 59 00:03:21,320 --> 00:03:25,320 Speaker 1: Foreign right, Yes, I'm sure are they're ways around this stuff. 60 00:03:25,440 --> 00:03:28,200 Speaker 2: I would imagine that people have just like they have 61 00:03:28,320 --> 00:03:31,000 Speaker 2: their Australian directors, they have their Australian shareholders. 62 00:03:31,080 --> 00:03:33,280 Speaker 1: Well, yeah, correct, so they can find their account or 63 00:03:33,280 --> 00:03:36,080 Speaker 1: the lawyer to sort of sit as the shareholders legal shareholders, 64 00:03:36,080 --> 00:03:38,720 Speaker 1: but maybe not the beneficial shareholders, but ours not really 65 00:03:38,720 --> 00:03:42,280 Speaker 1: interested in who the beneficiary owns, who the beneficial shareholders. 66 00:03:41,800 --> 00:03:45,680 Speaker 2: Are, So that I would imagine is a way around the. 67 00:03:45,200 --> 00:03:47,520 Speaker 1: Hopefully I didn't sort of telling you right away around 68 00:03:47,520 --> 00:03:50,360 Speaker 1: it anyway, but certainly let's just say it's a wealthy 69 00:03:50,400 --> 00:03:54,640 Speaker 1: family in China. I don't want to pick on John, India, Russia, 70 00:03:54,840 --> 00:04:01,680 Speaker 1: or America, America, Fiji. It doesn't include New Zealand. And 71 00:04:01,720 --> 00:04:03,800 Speaker 1: I want to get a better life for my family 72 00:04:03,840 --> 00:04:06,320 Speaker 1: and I want to buy a house in Australia where 73 00:04:06,360 --> 00:04:08,520 Speaker 1: they can live while they go to school or university. 74 00:04:09,440 --> 00:04:10,080 Speaker 1: What's the deal? 75 00:04:10,720 --> 00:04:13,480 Speaker 2: So, as in, from the first of April twenty twenty five, 76 00:04:13,800 --> 00:04:18,040 Speaker 2: they are stopping foreigners buying any established homes in Australia. 77 00:04:18,520 --> 00:04:20,600 Speaker 1: What's the penalty if they do well? 78 00:04:20,640 --> 00:04:22,480 Speaker 2: The penalty is if they find out about it, they're 79 00:04:22,520 --> 00:04:26,040 Speaker 2: forced to say at all correct correct to buy correct 80 00:04:26,160 --> 00:04:28,120 Speaker 2: as in from the first of April twenty twenty five, 81 00:04:28,240 --> 00:04:31,800 Speaker 2: one April this year, one April this year, So they. 82 00:04:33,240 --> 00:04:38,840 Speaker 1: Okay, that's mad. That means that Australia is basically shutting 83 00:04:38,880 --> 00:04:41,800 Speaker 1: out the rest of the world other New Zealand from 84 00:04:41,839 --> 00:04:44,320 Speaker 1: buying which went residential only residential. 85 00:04:43,920 --> 00:04:47,880 Speaker 2: Property, residential established homes. So like a home that's currently institute, 86 00:04:48,200 --> 00:04:50,320 Speaker 2: they'll still be able to buy vacant land, and they'll 87 00:04:50,360 --> 00:04:52,360 Speaker 2: still be able to buy brand new off the plan 88 00:04:52,480 --> 00:04:54,440 Speaker 2: property like apartments. Correct. 89 00:04:54,800 --> 00:04:58,640 Speaker 1: Correct, the buildings built, Yep, they can't buy correct at all. 90 00:04:58,760 --> 00:05:01,800 Speaker 2: Correct. Well, we don't know anything about it yet, but 91 00:05:01,880 --> 00:05:04,200 Speaker 2: they do say there might be some exemptions, but they 92 00:05:04,200 --> 00:05:04,920 Speaker 2: haven't told us much. 93 00:05:05,120 --> 00:05:08,279 Speaker 1: Proposed law, it hasn't been. 94 00:05:07,600 --> 00:05:09,960 Speaker 2: Through Well, no it is, it's in place, it is 95 00:05:09,960 --> 00:05:12,040 Speaker 2: coming into effect on the first of April, but they 96 00:05:12,080 --> 00:05:13,680 Speaker 2: haven't given us proper guidelines yet. 97 00:05:14,279 --> 00:05:17,279 Speaker 1: Going to say royal assent, Yes, it has, it's received 98 00:05:17,320 --> 00:05:19,640 Speaker 1: royal assent. Yes, yeah, not that we need the queen. 99 00:05:20,400 --> 00:05:24,080 Speaker 1: But that's it's called royal assent. The legislation's there. Yes, 100 00:05:24,400 --> 00:05:28,760 Speaker 1: But so okay, So I thought the issue was is 101 00:05:28,800 --> 00:05:31,560 Speaker 1: that foreigners, if they want to buy, they have to 102 00:05:31,560 --> 00:05:34,360 Speaker 1: pay extra stamp duty or some fee. 103 00:05:34,320 --> 00:05:35,040 Speaker 2: That is current. 104 00:05:35,160 --> 00:05:37,520 Speaker 1: Now, yes, you take me through that. 105 00:05:37,520 --> 00:05:39,080 Speaker 2: That work. So there are two things. First of all, 106 00:05:39,120 --> 00:05:42,039 Speaker 2: there's a Foreign Investment Review Board fee, which is what 107 00:05:42,120 --> 00:05:45,080 Speaker 2: I had said to you, tripled last year. For example, 108 00:05:45,160 --> 00:05:47,520 Speaker 2: if you're looking to buy an established home around about 109 00:05:47,520 --> 00:05:50,360 Speaker 2: twelve million, the fees around about nine hundred and seventy 110 00:05:50,360 --> 00:05:53,320 Speaker 2: five thousand a million bucks correct, a million bucks, so 111 00:05:53,480 --> 00:05:57,160 Speaker 2: non refundable, a fee straight to the government, non refundable 112 00:05:57,200 --> 00:05:58,960 Speaker 2: if we don't get the approval as well. 113 00:05:59,279 --> 00:06:03,240 Speaker 1: So I'm a foreigner right now, and I say I'm 114 00:06:03,240 --> 00:06:05,479 Speaker 1: exchanging now because I want to get head of one April. Ye, 115 00:06:06,440 --> 00:06:09,000 Speaker 1: I have to apply to the Foreign Investment Review Board, 116 00:06:09,000 --> 00:06:12,279 Speaker 1: which is a federal government instrument, and get their approval 117 00:06:12,760 --> 00:06:14,960 Speaker 1: to do this transaction. And to do that and make 118 00:06:15,000 --> 00:06:16,960 Speaker 1: that application, I'm going to pay them. On that example, 119 00:06:16,960 --> 00:06:19,120 Speaker 1: twelve million dollar house, I got to pay nine to 120 00:06:19,200 --> 00:06:24,400 Speaker 1: seventy five thousand dollars and established residence correct. And how 121 00:06:24,440 --> 00:06:25,960 Speaker 1: do they decide whether or not they're going to improve 122 00:06:25,960 --> 00:06:26,279 Speaker 1: it or not. 123 00:06:27,040 --> 00:06:29,440 Speaker 2: I haven't seen many not approved, to be frank and 124 00:06:29,480 --> 00:06:31,880 Speaker 2: honest with you, certain things that they look at as 125 00:06:31,920 --> 00:06:35,560 Speaker 2: whether there's any government affiliations. In the event that they are, 126 00:06:36,040 --> 00:06:38,039 Speaker 2: they would probably say no to that. But just the 127 00:06:38,080 --> 00:06:41,719 Speaker 2: average person foreigner wanting to buy generally gets approved and. 128 00:06:41,680 --> 00:06:43,599 Speaker 1: When you're in a government affiliations in other words, so 129 00:06:43,640 --> 00:06:47,880 Speaker 1: that's not the People's Republic of China who sits behind 130 00:06:47,960 --> 00:06:51,960 Speaker 1: the buyer correct, So it's not like you know, you 131 00:06:52,000 --> 00:06:55,480 Speaker 1: see buying a house yourself free arguments the premiere correct 132 00:06:56,240 --> 00:07:02,880 Speaker 1: correct of China. So up until one April, all people 133 00:07:02,960 --> 00:07:05,520 Speaker 1: have been law to buy subjects getting approval from the 134 00:07:05,520 --> 00:07:08,560 Speaker 1: Foreign Investment Review Board approval, but it's very expensive. In 135 00:07:08,640 --> 00:07:12,000 Speaker 1: New South Wales, do they pay additional stamp duty? 136 00:07:12,040 --> 00:07:13,840 Speaker 2: They do, they do, so it's an extra eight percent 137 00:07:13,840 --> 00:07:17,080 Speaker 2: stamp duty as well, extra eight percent on top on 138 00:07:17,160 --> 00:07:19,920 Speaker 2: top of what we would pay if we were purchasing here. 139 00:07:20,360 --> 00:07:24,480 Speaker 2: And then well there's there's more I've not finished, you know. 140 00:07:24,560 --> 00:07:26,760 Speaker 2: They also need to say that it's their principal place 141 00:07:26,760 --> 00:07:29,400 Speaker 2: of residence as well. They're not allowed to lease the 142 00:07:29,400 --> 00:07:32,480 Speaker 2: property out to anyone and if they if it's no 143 00:07:32,520 --> 00:07:34,640 Speaker 2: longer their principal place of residence, they need to sell 144 00:07:34,720 --> 00:07:37,360 Speaker 2: within a couple of months too. So that's pretty strict 145 00:07:37,400 --> 00:07:39,200 Speaker 2: regulations even to buy now. 146 00:07:39,520 --> 00:07:44,640 Speaker 1: So we got both federal currently in position of a 147 00:07:44,680 --> 00:07:48,080 Speaker 1: fee and an approval process which may or may not happen. 148 00:07:49,000 --> 00:07:50,800 Speaker 1: There's On top of that, if you manage it through 149 00:07:50,840 --> 00:07:56,000 Speaker 1: those hoops, you then have an extra eight percent stamp 150 00:07:56,120 --> 00:07:58,120 Speaker 1: duty to pay to the state government. Is that just 151 00:07:58,160 --> 00:07:58,920 Speaker 1: in New South Wales? 152 00:07:59,080 --> 00:07:59,480 Speaker 2: Correct? 153 00:08:00,440 --> 00:08:02,840 Speaker 1: So in your South Wales state government an xtra eight percent? 154 00:08:04,720 --> 00:08:07,920 Speaker 1: Is there a land tax any more land tax or something? Well? 155 00:08:08,280 --> 00:08:11,000 Speaker 2: No, because it needs to be a principal place for 156 00:08:11,000 --> 00:08:11,760 Speaker 2: an established home. 157 00:08:11,880 --> 00:08:14,480 Speaker 1: But if you if you decide that you know you 158 00:08:14,600 --> 00:08:16,360 Speaker 1: no longer want to live there anymore, and you'd like 159 00:08:16,400 --> 00:08:19,600 Speaker 1: to rent it, they give you, they sent they give 160 00:08:19,600 --> 00:08:22,840 Speaker 1: you a period of time after before which you must 161 00:08:22,840 --> 00:08:23,200 Speaker 1: sell it. 162 00:08:23,360 --> 00:08:23,760 Speaker 2: Correct. 163 00:08:24,040 --> 00:08:27,520 Speaker 1: So it's like a force effectively force correct. So but 164 00:08:27,680 --> 00:08:30,080 Speaker 1: all that's all irrelevant come one April. 165 00:08:30,200 --> 00:08:30,560 Speaker 2: Correct. 166 00:08:30,840 --> 00:08:33,640 Speaker 1: Exactly what is this policy designed to do? 167 00:08:34,200 --> 00:08:36,320 Speaker 2: I think they're really just trying to stop the prone investment, 168 00:08:36,360 --> 00:08:39,480 Speaker 2: to slow down the market, particularly in Sydney, in the 169 00:08:39,520 --> 00:08:41,520 Speaker 2: areas where it's actually affecting. 170 00:08:42,040 --> 00:08:48,520 Speaker 1: Wow. I mean, I guess I shouldn't be thinking this way, 171 00:08:48,559 --> 00:08:50,800 Speaker 1: but I guess you know, they'll have it. They could 172 00:08:50,800 --> 00:08:52,719 Speaker 1: all have a cousin lives here in I don't know 173 00:08:52,760 --> 00:08:54,920 Speaker 1: wherever in Sydney and they can sell It's not I'm 174 00:08:54,920 --> 00:08:57,240 Speaker 1: going to send you a million bucks to buy that 175 00:08:57,320 --> 00:09:01,600 Speaker 1: property in Cabra matter not trying to pick on Capramta 176 00:09:01,640 --> 00:09:05,720 Speaker 1: could be paramedic, could be whatever, and you buying your. 177 00:09:05,720 --> 00:09:09,400 Speaker 2: Name could very well happen without anybody picking it up. 178 00:09:09,480 --> 00:09:12,120 Speaker 1: Yeah. Yeah, because you know if I'm you know, my 179 00:09:12,240 --> 00:09:15,559 Speaker 1: cousin lives in China and he wants to buy probably 180 00:09:15,600 --> 00:09:18,840 Speaker 1: in Australia after one April and he can't. But I 181 00:09:18,920 --> 00:09:21,000 Speaker 1: live in Australia and I'm a resident here, I can. 182 00:09:21,520 --> 00:09:23,760 Speaker 1: I can go buy it. I just have to he 183 00:09:24,320 --> 00:09:27,400 Speaker 1: has to send me the million bucks to pay for it. Yeah. 184 00:09:27,800 --> 00:09:31,520 Speaker 1: So is this just policy trying to win votes over. 185 00:09:31,920 --> 00:09:38,319 Speaker 2: Well, apparently it was a Dunton first, correct, So, and 186 00:09:38,440 --> 00:09:40,480 Speaker 2: it was they were talking about for a period of 187 00:09:40,559 --> 00:09:41,200 Speaker 2: ten years. 188 00:09:42,240 --> 00:09:43,920 Speaker 1: This legislation exists for ten years. 189 00:09:43,960 --> 00:09:46,520 Speaker 2: Well that's what they were proposing if they got into government, 190 00:09:47,240 --> 00:09:48,920 Speaker 2: and then the current government picked up on it and 191 00:09:48,920 --> 00:09:50,240 Speaker 2: said okay, we'll do it too. 192 00:09:50,440 --> 00:09:54,240 Speaker 1: Yeah wow, yeah, I mean that's I don't know, that's 193 00:09:54,320 --> 00:09:57,679 Speaker 1: sort of I can't say it. I don't like it 194 00:09:57,720 --> 00:09:59,560 Speaker 1: bigcause and I can sort of see the reason behind 195 00:09:59,559 --> 00:10:02,640 Speaker 1: the policy allegedly or keyp prices down. I don't think 196 00:10:02,640 --> 00:10:05,520 Speaker 1: it will. You know, the number of transactions. They're not 197 00:10:05,520 --> 00:10:08,600 Speaker 1: talking about minion of the transactions from foreigners, I guess. 198 00:10:08,679 --> 00:10:11,160 Speaker 1: I mean they're not like flooding the market and buying everything, 199 00:10:11,160 --> 00:10:13,000 Speaker 1: aren't they. No, you're in. 200 00:10:13,000 --> 00:10:14,920 Speaker 2: Your experience, not in my experience. But I mean there 201 00:10:14,920 --> 00:10:18,440 Speaker 2: are some definitely within the expensive joints. 202 00:10:18,520 --> 00:10:22,480 Speaker 1: Correct, you're keeping a nice young family out of that 203 00:10:22,559 --> 00:10:24,959 Speaker 1: two million dollar house. I mean, you know they're down 204 00:10:25,200 --> 00:10:27,480 Speaker 1: further down the chain, and the real rich people over 205 00:10:27,520 --> 00:10:29,440 Speaker 1: there aren't buying the million dollar homes. They're buying the 206 00:10:29,440 --> 00:10:32,199 Speaker 1: two million dollar homes. So all really the only ones 207 00:10:32,200 --> 00:10:34,520 Speaker 1: are benefiting from this is we're taking money from someone 208 00:10:34,559 --> 00:10:36,880 Speaker 1: in another country and banking it in the name of 209 00:10:36,920 --> 00:10:40,920 Speaker 1: an Australian who's maybe no downsizing their house that they 210 00:10:40,920 --> 00:10:42,920 Speaker 1: bought for five hundred thousand and thirty years ago. Is 211 00:10:42,960 --> 00:10:44,920 Speaker 1: now we're two million, and all of a sudden, they're 212 00:10:44,920 --> 00:10:47,040 Speaker 1: getting two million because they've got a lot of competition 213 00:10:47,080 --> 00:10:48,720 Speaker 1: for the house, because there's not much competition for that 214 00:10:48,800 --> 00:10:51,800 Speaker 1: here in Australia. So really it's you know that house 215 00:10:51,840 --> 00:10:55,760 Speaker 1: now that there's no foreign competition, that might only self 216 00:10:55,760 --> 00:11:00,079 Speaker 1: a ten. So the poor buggers who have been getting 217 00:11:00,080 --> 00:11:03,439 Speaker 1: excited because they now got two million dollars coming their way, 218 00:11:03,440 --> 00:11:05,839 Speaker 1: which they never expected. Probably not going to get that. 219 00:11:05,800 --> 00:11:08,920 Speaker 2: Now potentially, absolutely, And there's also the loss of the 220 00:11:08,920 --> 00:11:10,920 Speaker 2: revenue to the government when you think about the Foreign 221 00:11:10,960 --> 00:11:13,880 Speaker 2: Investment Review Board fees that they were getting from it as. 222 00:11:13,760 --> 00:11:15,679 Speaker 1: Well, which and stamp duty in New South Wales. 223 00:11:15,520 --> 00:11:16,920 Speaker 2: And stamp Duny. Absolutely. 224 00:11:17,440 --> 00:11:20,600 Speaker 1: So you obviously represent a lot of vendors in these 225 00:11:20,600 --> 00:11:23,480 Speaker 1: suburbs where a lot of these houses exist. Do you 226 00:11:23,480 --> 00:11:24,640 Speaker 1: see a lot of foreign borrows? 227 00:11:27,120 --> 00:11:29,760 Speaker 2: Some not so many. I don't think it's going to 228 00:11:29,760 --> 00:11:31,920 Speaker 2: make a huge difference. So I definitely think that was 229 00:11:32,360 --> 00:11:34,080 Speaker 2: just all so, it's all. 230 00:11:33,920 --> 00:11:37,760 Speaker 1: Bullshit, but it's just window dressing. 231 00:11:37,800 --> 00:11:40,000 Speaker 2: A little bit. And particularly also the way it was 232 00:11:40,120 --> 00:11:42,960 Speaker 2: served up as well was foreign investors are not going 233 00:11:43,000 --> 00:11:45,600 Speaker 2: to be able to buy in New South Wales. Sounds good, 234 00:11:45,679 --> 00:11:48,800 Speaker 2: it sounds good, but it's really just limited to that established, 235 00:11:49,520 --> 00:11:50,400 Speaker 2: established housing. 236 00:11:50,559 --> 00:11:53,240 Speaker 1: You might have one hundred transactions a year at that level. 237 00:11:53,320 --> 00:11:58,640 Speaker 1: Correct taught me only Damien's sort of customers. Potentially You've 238 00:11:58,679 --> 00:12:01,000 Speaker 1: sent me a number of notes, which so, and that's 239 00:12:01,040 --> 00:12:04,240 Speaker 1: the first one we have. I've got others, deally others 240 00:12:04,320 --> 00:12:07,560 Speaker 1: to deal with your other note here says, is your 241 00:12:07,600 --> 00:12:11,199 Speaker 1: point too, is section sixty six WS what are they? 242 00:12:11,600 --> 00:12:14,200 Speaker 2: Section sixty six W is a certificate that makes a 243 00:12:14,240 --> 00:12:17,320 Speaker 2: contract fully unconditional when you purchase in New South Wales. 244 00:12:18,120 --> 00:12:20,439 Speaker 2: So when you buy at auction, obviously it's a completely 245 00:12:20,559 --> 00:12:24,040 Speaker 2: unconditional contract. But when you're looking to buy property not 246 00:12:24,120 --> 00:12:27,800 Speaker 2: at auction, you might have a conditional contract where there 247 00:12:27,800 --> 00:12:30,240 Speaker 2: are ways to get out for a period of five days, 248 00:12:30,240 --> 00:12:33,120 Speaker 2: ten days if it's extended. And just I guess the 249 00:12:33,200 --> 00:12:36,360 Speaker 2: nature of the sixty six has to make it an 250 00:12:36,400 --> 00:12:39,000 Speaker 2: often more acceptable to a vendor and make sure that 251 00:12:39,000 --> 00:12:41,200 Speaker 2: it's coming off the market in an auction campaign. It's 252 00:12:41,280 --> 00:12:44,000 Speaker 2: quite an interesting thing that we see. 253 00:12:44,520 --> 00:12:47,200 Speaker 1: I don't quite understand. So if I buy a property 254 00:12:47,400 --> 00:12:50,880 Speaker 1: from Bill maloof and Double Bay, it's not at auction. 255 00:12:51,000 --> 00:12:53,120 Speaker 1: He's just got it in his window and walk in 256 00:12:53,120 --> 00:12:57,600 Speaker 1: and buy it. Do section sixty six W protect me 257 00:12:57,720 --> 00:13:01,440 Speaker 1: the purchase or the vendor protects the vendors? The vendor 258 00:13:01,440 --> 00:13:03,319 Speaker 1: can pull out no no. 259 00:13:03,440 --> 00:13:06,120 Speaker 2: If you don't sign a sixty six W, the purchaser 260 00:13:06,160 --> 00:13:08,360 Speaker 2: can pull out of the contract for the first. 261 00:13:08,160 --> 00:13:10,199 Speaker 1: Five days, me the purchase correct If you, the. 262 00:13:10,120 --> 00:13:13,160 Speaker 2: Purchaser, don't have your lawyer sign that for you. You 263 00:13:13,200 --> 00:13:15,360 Speaker 2: can pull out within five days. 264 00:13:14,960 --> 00:13:18,560 Speaker 1: So that the general rule in New South Wales at 265 00:13:18,640 --> 00:13:22,400 Speaker 1: least is that I can pull out in five days 266 00:13:22,520 --> 00:13:25,040 Speaker 1: if I sort of get the pbgb's about I think 267 00:13:25,040 --> 00:13:26,840 Speaker 1: I pay too much or whatever. Now if I sign 268 00:13:26,920 --> 00:13:32,560 Speaker 1: a section sixty six W certificate yep, and I give 269 00:13:32,600 --> 00:13:35,000 Speaker 1: that to my lawyer, is that to the vendor's lawyer, 270 00:13:35,040 --> 00:13:35,880 Speaker 1: then I can't pull out? 271 00:13:36,040 --> 00:13:36,400 Speaker 2: Correct? 272 00:13:36,559 --> 00:13:40,400 Speaker 1: So vendor vendors normally require sixty six W to be signed. 273 00:13:40,400 --> 00:13:45,840 Speaker 1: Absolutely one of the most exchanges, definitely okay, And because 274 00:13:45,880 --> 00:13:48,040 Speaker 1: that takes a cooling off period away from me. 275 00:13:48,200 --> 00:13:51,120 Speaker 2: It does, and it means it's fully unconditional contract. And 276 00:13:51,640 --> 00:13:53,760 Speaker 2: that's why if they're on an auction campaign, they're happy 277 00:13:53,840 --> 00:13:54,880 Speaker 2: to take it off the market. 278 00:13:55,600 --> 00:13:59,320 Speaker 1: So when there's an auction, sixty six W is involved. 279 00:13:59,040 --> 00:14:01,319 Speaker 2: They're not required, not require. So when you buy under 280 00:14:01,360 --> 00:14:03,880 Speaker 2: auction conditions, it's a fully unconditional contract. 281 00:14:04,240 --> 00:14:07,240 Speaker 1: Yeah. But in other words, buy it well enough, make it, 282 00:14:07,880 --> 00:14:11,320 Speaker 1: do you work your research, don't? There's no second chances. Correct, 283 00:14:11,760 --> 00:14:14,840 Speaker 1: you buy it at auction, that's yours, correct release, you're 284 00:14:14,880 --> 00:14:18,840 Speaker 1: obliged to settle if you're if you don't, if you 285 00:14:19,760 --> 00:14:22,840 Speaker 1: buy it. It's called they called by private treaty between 286 00:14:22,880 --> 00:14:27,480 Speaker 1: me and the vendors that agent I do have a 287 00:14:27,520 --> 00:14:30,600 Speaker 1: cooling off period unless the vendor requires before exchanging me 288 00:14:30,720 --> 00:14:35,560 Speaker 1: to sign a sixty six W correct. Okay, cool? What 289 00:14:35,680 --> 00:14:38,640 Speaker 1: about this release of deposit clause? I mean I've actually 290 00:14:39,200 --> 00:14:44,400 Speaker 1: done deals where I'm a purchaser and I've offered I've 291 00:14:44,440 --> 00:14:46,120 Speaker 1: said to my not paying ten percent, I'll pay you 292 00:14:46,160 --> 00:14:50,200 Speaker 1: five percent, but I'll agree to release a deposit. Is 293 00:14:50,200 --> 00:14:50,960 Speaker 1: that still happens? 294 00:14:51,240 --> 00:14:52,360 Speaker 2: It? Does? It happens a lot? 295 00:14:52,520 --> 00:14:52,840 Speaker 1: Does it? 296 00:14:53,040 --> 00:14:55,760 Speaker 2: Particularly vendors want to buy another property, they'll always have 297 00:14:55,800 --> 00:14:56,920 Speaker 2: a release of deposit classe. 298 00:14:56,960 --> 00:14:59,440 Speaker 1: They asked the buyer to release it. Agree to release 299 00:14:59,440 --> 00:14:59,680 Speaker 1: it able? 300 00:14:59,760 --> 00:15:01,880 Speaker 2: Correct? So they can go and buy another property during 301 00:15:01,920 --> 00:15:05,120 Speaker 2: the exchange period, so they have somewhere to move. 302 00:15:05,320 --> 00:15:08,760 Speaker 1: Okay. So I'm a purchaser and I agree that I'm 303 00:15:08,760 --> 00:15:11,000 Speaker 1: going to release my ten percent deposit to the vendor 304 00:15:11,040 --> 00:15:13,920 Speaker 1: because the vendor wants to go buy something else. But Noah, 305 00:15:14,000 --> 00:15:17,000 Speaker 1: something happens, something goes wrong, and I don't buy the joint. 306 00:15:17,200 --> 00:15:20,560 Speaker 1: I don't settle, yep Leally, I have some right not 307 00:15:20,600 --> 00:15:25,760 Speaker 1: to have to settle, yep I have to I'm entitaled 308 00:15:25,760 --> 00:15:27,880 Speaker 1: to get my ten percent back. Let's assume I have 309 00:15:28,000 --> 00:15:30,520 Speaker 1: nothing wrong. You know, there was some problem and the 310 00:15:30,600 --> 00:15:32,240 Speaker 1: vendor has to pay me at my ten percent back, 311 00:15:32,360 --> 00:15:35,880 Speaker 1: but he just spent it's a problem. There's a problem. 312 00:15:35,920 --> 00:15:36,840 Speaker 2: There is a big problem. 313 00:15:36,880 --> 00:15:39,320 Speaker 1: So what would you say to people who are purchasers 314 00:15:39,320 --> 00:15:40,800 Speaker 1: don't agree to release a deposit. 315 00:15:41,440 --> 00:15:43,800 Speaker 2: Generally, every vendor's lawyer likes to ask for it to 316 00:15:43,800 --> 00:15:47,000 Speaker 2: be in a contract. Every purchases lawyer likes to say no, 317 00:15:47,160 --> 00:15:49,920 Speaker 2: So that becomes an arm wrestle definitely one of the 318 00:15:49,960 --> 00:15:51,880 Speaker 2: things that gets negotiated quite a lot. 319 00:15:51,760 --> 00:15:53,800 Speaker 1: Before entry into that's common as it. 320 00:15:54,040 --> 00:15:57,920 Speaker 2: Very common, absolutely, because you're only right once it's been 321 00:15:57,960 --> 00:16:00,440 Speaker 2: released and the vendor's gone and spent it is to 322 00:16:00,480 --> 00:16:03,680 Speaker 2: sue them, which is obviously throwing up more money to 323 00:16:03,760 --> 00:16:04,840 Speaker 2: try and recoup the rest. 324 00:16:05,240 --> 00:16:08,000 Speaker 1: You're spending good money outter chasing. 325 00:16:08,160 --> 00:16:11,720 Speaker 2: Potentially that money correct because. 326 00:16:11,480 --> 00:16:13,680 Speaker 1: You could down with spending more than the ten percent deposit. 327 00:16:14,760 --> 00:16:17,000 Speaker 1: Common request and contract negotiation. What are some of the 328 00:16:17,000 --> 00:16:19,200 Speaker 1: common requests in the court, So that's obviously. 329 00:16:18,800 --> 00:16:21,520 Speaker 2: One of them, one of the biggest ones. Then there 330 00:16:21,560 --> 00:16:26,720 Speaker 2: are make good clauses, things like for example, there's a 331 00:16:26,720 --> 00:16:28,960 Speaker 2: clause in the contract called seven point one point one 332 00:16:29,040 --> 00:16:31,720 Speaker 2: which deals with damage done to the property between exchange 333 00:16:31,720 --> 00:16:35,040 Speaker 2: and completion. Every vendor doesn't want to have to fix 334 00:16:35,080 --> 00:16:37,480 Speaker 2: any damage that's done, and every purchaser wants them to 335 00:16:37,520 --> 00:16:42,440 Speaker 2: do so that's a pretty standard negotiation during the timeframe. 336 00:16:42,800 --> 00:16:47,560 Speaker 2: Settlement time frames obviously deal with purchase prices. They affect 337 00:16:47,560 --> 00:16:53,120 Speaker 2: purchase prices. Developers generally want longer settlements. People might want 338 00:16:53,120 --> 00:16:56,520 Speaker 2: longer settlements because they haven't found anything to buy. So 339 00:16:56,560 --> 00:16:57,280 Speaker 2: there's lots of. 340 00:16:57,560 --> 00:17:01,080 Speaker 1: Lots of buyers may one and longest settlement to because 341 00:17:01,080 --> 00:17:02,880 Speaker 1: they're trying to organize their finances and they might have 342 00:17:02,920 --> 00:17:03,400 Speaker 1: to sell. 343 00:17:03,240 --> 00:17:04,960 Speaker 2: Something correct exactly. 344 00:17:05,080 --> 00:17:08,080 Speaker 1: So, but this is what's important here is that and 345 00:17:08,600 --> 00:17:10,920 Speaker 1: vendors or buyers they've got to talk to their lawyer 346 00:17:10,920 --> 00:17:13,520 Speaker 1: and make sure that the lawyers fully briefed on what 347 00:17:13,600 --> 00:17:17,960 Speaker 1: their commercial requirements are. Definitely, those negotiations happen before exchange, 348 00:17:17,960 --> 00:17:21,280 Speaker 1: though they do. They're written into the document absolutely, and 349 00:17:21,320 --> 00:17:25,479 Speaker 1: not something that happens post exchange contracts. Absolutely, that's not 350 00:17:25,520 --> 00:17:27,600 Speaker 1: the lawyers sort of having a bit of a lawyerfaest. 351 00:17:27,680 --> 00:17:31,280 Speaker 1: It's more you will be asked by your lawyer, what's 352 00:17:31,280 --> 00:17:34,720 Speaker 1: your position on these? There's probably twenty or thirty items 353 00:17:34,720 --> 00:17:37,879 Speaker 1: that you know commonly will ask your client about, ye, 354 00:17:38,000 --> 00:17:41,000 Speaker 1: whether you're acting for the buyer or the vendor. Speed 355 00:17:41,000 --> 00:17:45,280 Speaker 1: of transactions. What do you mean by speed transactions here? Like, 356 00:17:45,640 --> 00:17:47,600 Speaker 1: are you talking about fast settlements? 357 00:17:47,640 --> 00:17:49,720 Speaker 2: What are you talking about now? I'm talking about particularly 358 00:17:49,760 --> 00:17:53,040 Speaker 2: when working with buyers agents. You know, they like to 359 00:17:53,200 --> 00:17:56,359 Speaker 2: jump the gun and get properties before auctions take place. 360 00:17:57,359 --> 00:17:59,680 Speaker 2: So the speed of the transaction can be quite important 361 00:17:59,680 --> 00:18:02,840 Speaker 2: to try and secure the property. So they like to 362 00:18:02,880 --> 00:18:04,879 Speaker 2: make sure that they're ready to go pretty quickly. 363 00:18:05,200 --> 00:18:10,240 Speaker 1: This, yeah, so that means the so when just telling 364 00:18:10,240 --> 00:18:13,200 Speaker 1: that buyers agent stuff. So let's say the buyers agents 365 00:18:13,200 --> 00:18:16,600 Speaker 1: acting for me. I'm a purchaser. There's a Vendoors agent 366 00:18:16,600 --> 00:18:21,199 Speaker 1: over there, and I know that's going to auction. I 367 00:18:21,240 --> 00:18:24,680 Speaker 1: want a nail. My buyer's agent wants to nally before 368 00:18:24,680 --> 00:18:26,560 Speaker 1: it gets action because you know, maybe you know, I 369 00:18:26,560 --> 00:18:28,360 Speaker 1: don't want to go to auctions or whatever the case 370 00:18:28,400 --> 00:18:32,960 Speaker 1: may be. How does the buyer's agent, Well, what does 371 00:18:33,000 --> 00:18:35,760 Speaker 1: the buyers agent normally do in relation to the contract 372 00:18:36,160 --> 00:18:39,440 Speaker 1: to make sure that I can transact quickly and get 373 00:18:39,480 --> 00:18:40,359 Speaker 1: it off the auction. 374 00:18:40,600 --> 00:18:42,919 Speaker 2: They would definitely try and tell the buy it or 375 00:18:43,200 --> 00:18:45,639 Speaker 2: engage a lawyer themselves who can look at it quickly, 376 00:18:46,280 --> 00:18:48,040 Speaker 2: make sure they've done all the due diligence on the 377 00:18:48,040 --> 00:18:50,360 Speaker 2: property and get ready to transact like. 378 00:18:50,320 --> 00:18:52,919 Speaker 1: Pest inspections and building inspects and whatever. 379 00:18:53,119 --> 00:18:56,840 Speaker 2: Absolutely, strata reports important stats. 380 00:18:56,320 --> 00:18:59,480 Speaker 1: Particular when it comes by because I have bought apartments 381 00:18:59,480 --> 00:19:01,240 Speaker 1: which lead My god, I hadn't have known about the 382 00:19:01,240 --> 00:19:02,040 Speaker 1: strata report. 383 00:19:02,480 --> 00:19:05,640 Speaker 2: It's more important than the contract. 384 00:19:04,800 --> 00:19:08,040 Speaker 1: Because you know the strata management group or whatever, all 385 00:19:08,040 --> 00:19:10,040 Speaker 1: the minutes that some of these places I bought it, 386 00:19:10,200 --> 00:19:13,360 Speaker 1: it's just a mess. They will hate each other. They're 387 00:19:13,400 --> 00:19:16,440 Speaker 1: all sealing each other. And then there's one group controlling 388 00:19:16,480 --> 00:19:20,679 Speaker 1: the strata, the body corporate or whatever it is, and 389 00:19:21,000 --> 00:19:25,199 Speaker 1: you know they're all interest groups who are just trying to, 390 00:19:25,880 --> 00:19:31,080 Speaker 1: you know, run little fiefdoms. So you're right, you've got 391 00:19:31,080 --> 00:19:35,040 Speaker 1: to get that stuff nailed, particularly when it comes apartments. 392 00:19:37,040 --> 00:19:40,040 Speaker 1: You've got to be a point related party transfers either 393 00:19:40,119 --> 00:19:43,760 Speaker 1: on entry to or relations of a relationship or a breakdown. 394 00:19:44,040 --> 00:19:47,400 Speaker 1: So I think what you're talking about here is separate 395 00:19:47,440 --> 00:19:50,119 Speaker 1: sider groups. Let's call it between let's me and my 396 00:19:50,160 --> 00:19:53,200 Speaker 1: brother buy a property, and then I just my brother, 397 00:19:53,200 --> 00:19:56,840 Speaker 1: and I realize that, you know, Mum and Dad were 398 00:19:56,960 --> 00:19:59,119 Speaker 1: unfaithful to each other and he's not actually my brother, 399 00:19:59,760 --> 00:20:01,560 Speaker 1: and and then I no longer want to own the 400 00:20:01,560 --> 00:20:06,160 Speaker 1: property with you. I think what is suggesting is that 401 00:20:06,200 --> 00:20:09,520 Speaker 1: my brother and I, in all cases, we should have 402 00:20:09,760 --> 00:20:13,520 Speaker 1: an agreement between us as to say what happens in 403 00:20:13,560 --> 00:20:14,200 Speaker 1: the event. 404 00:20:13,960 --> 00:20:18,400 Speaker 2: Of potentially but also like stamp duty implications as well. 405 00:20:18,520 --> 00:20:22,600 Speaker 2: So for example, you can transfer half of your principal 406 00:20:22,640 --> 00:20:26,320 Speaker 2: place of residence to your spouse without incurring any stamp duty, right, 407 00:20:26,359 --> 00:20:28,280 Speaker 2: but if you wanted to transfer half of your place 408 00:20:28,320 --> 00:20:30,040 Speaker 2: to me, you would need I would need to pay 409 00:20:30,160 --> 00:20:31,000 Speaker 2: stamp duty on that. 410 00:20:31,119 --> 00:20:32,479 Speaker 1: So okay, that's interesting. 411 00:20:34,440 --> 00:20:40,280 Speaker 2: Spouses, yes, either on entry of relationship or or exit 412 00:20:40,320 --> 00:20:40,960 Speaker 2: of relationship. 413 00:20:41,000 --> 00:20:45,480 Speaker 1: What about to your kids? They no stamp duty, so 414 00:20:45,520 --> 00:20:47,520 Speaker 1: there's sort of there's no exemption there. So what they're 415 00:20:47,520 --> 00:20:50,760 Speaker 1: doing is what you're talking about here, is they're making 416 00:20:50,840 --> 00:20:57,600 Speaker 1: provision for entry into entry into spousal relationships yep, an 417 00:20:57,680 --> 00:21:02,960 Speaker 1: exit from spousal relationships. Correct, And there's a spouse defined 418 00:21:03,040 --> 00:21:07,640 Speaker 1: as someone who's actually contractually married to through a lawful 419 00:21:08,560 --> 00:21:11,080 Speaker 1: wedding person or is it is it. Can it be 420 00:21:11,119 --> 00:21:12,919 Speaker 1: a de factor? It can be de facto, it can 421 00:21:12,960 --> 00:21:15,119 Speaker 1: be defect. But who do you have to prove that 422 00:21:15,240 --> 00:21:18,280 Speaker 1: to to the stamp Ju's office. Yeah, absolutely so State Revenue. 423 00:21:18,280 --> 00:21:22,679 Speaker 1: You've got to go and say, look, here's a marriage certificate. 424 00:21:22,840 --> 00:21:24,200 Speaker 2: Correct, here's this he's. 425 00:21:24,440 --> 00:21:27,439 Speaker 1: Yeah, let's take it outside of the marriage certificate environment 426 00:21:27,480 --> 00:21:29,439 Speaker 1: because it's pretty easy. But you have to be able 427 00:21:29,480 --> 00:21:31,280 Speaker 1: to say, look, you know, here's a stat deck from 428 00:21:31,320 --> 00:21:33,040 Speaker 1: both us to say that we're in a relationship with 429 00:21:33,080 --> 00:21:35,320 Speaker 1: the fact a relationship for the last blah blah blah. 430 00:21:35,520 --> 00:21:38,080 Speaker 1: But if you can on that basis, I mean, how 431 00:21:38,160 --> 00:21:39,720 Speaker 1: tough is the stamp duties offers on this stuff? 432 00:21:39,720 --> 00:21:43,200 Speaker 2: With it? They look at it pretty scrutinizingly. 433 00:21:43,440 --> 00:21:46,560 Speaker 1: The should be talking a lawyer in this sort of 434 00:21:46,840 --> 00:21:49,080 Speaker 1: situation because you don't want to stuff it up. You 435 00:21:49,080 --> 00:21:51,800 Speaker 1: could hand something up that sort of puts you in 436 00:21:51,800 --> 00:21:55,479 Speaker 1: a difficult position if they don't accept it. Definitely right 437 00:21:55,480 --> 00:21:58,840 Speaker 1: in the first place. Definitely, And what about I watch 438 00:21:58,880 --> 00:22:03,000 Speaker 1: your view on two mates from school. They're going to 439 00:22:03,000 --> 00:22:05,199 Speaker 1: buy a property. They're going to both borrow us their 440 00:22:05,280 --> 00:22:07,880 Speaker 1: joining coumes to convince the bank that they have enough 441 00:22:08,040 --> 00:22:12,680 Speaker 1: servicing ability and for some reason I know something happens. 442 00:22:14,040 --> 00:22:16,119 Speaker 1: Do you suggest that they buy it as tenants in 443 00:22:16,160 --> 00:22:18,359 Speaker 1: common or join tenants? Maybe you could just explain what 444 00:22:18,400 --> 00:22:18,879 Speaker 1: that means. 445 00:22:18,920 --> 00:22:23,000 Speaker 2: Definitely, sure, two mates buying a property together, definitely looking 446 00:22:23,000 --> 00:22:25,919 Speaker 2: at buying it as tenants in common. That way you 447 00:22:25,960 --> 00:22:29,000 Speaker 2: can either not do it in ecal proportions if one's 448 00:22:29,040 --> 00:22:31,359 Speaker 2: got more access to cash than the other does, or 449 00:22:31,400 --> 00:22:35,600 Speaker 2: access to finance. But also, as tenants in common you 450 00:22:35,640 --> 00:22:38,840 Speaker 2: can actually leave your proportion of the property to whoever 451 00:22:38,920 --> 00:22:41,240 Speaker 2: you want via your will. So if something was to 452 00:22:41,240 --> 00:22:44,200 Speaker 2: happen to one of them, it doesn't revert wholly over 453 00:22:44,280 --> 00:22:45,800 Speaker 2: to the other person, which. 454 00:22:45,640 --> 00:22:47,879 Speaker 1: Is what happened when you join tenants. So if you 455 00:22:47,920 --> 00:22:52,640 Speaker 1: and I buy probably is join tenants on title and 456 00:22:53,160 --> 00:22:55,080 Speaker 1: I pass away, then it all goes to you. 457 00:22:55,280 --> 00:22:56,400 Speaker 2: Correct exactly. 458 00:22:56,480 --> 00:22:58,480 Speaker 1: So if I have kids that I want to leave 459 00:22:58,520 --> 00:23:01,240 Speaker 1: it to, I really should be buying thatbody with you 460 00:23:01,400 --> 00:23:02,760 Speaker 1: as a tenant in common. 461 00:23:03,200 --> 00:23:03,600 Speaker 2: Correct. 462 00:23:03,680 --> 00:23:07,520 Speaker 1: So is that because it gives me a specific legal 463 00:23:07,720 --> 00:23:10,800 Speaker 1: interest in a specific percentage of the property. 464 00:23:10,440 --> 00:23:12,400 Speaker 2: Correct of the asset exactly right? 465 00:23:12,480 --> 00:23:17,280 Speaker 1: So I have specific property rights correct. Whereas joint tenants 466 00:23:17,359 --> 00:23:22,080 Speaker 1: means and join tenants is pretty typical husband and wife. Correct, 467 00:23:22,320 --> 00:23:24,520 Speaker 1: you know they own it together and when the husband dies, 468 00:23:24,600 --> 00:23:27,479 Speaker 1: the wife gets it or vice versa. Correct, and then 469 00:23:27,560 --> 00:23:29,479 Speaker 1: it's up to her will when she passed away as 470 00:23:29,520 --> 00:23:30,760 Speaker 1: to who gets it within the family. 471 00:23:30,960 --> 00:23:31,280 Speaker 2: Correct? 472 00:23:31,680 --> 00:23:33,560 Speaker 1: Is that a common? Is that a common area of 473 00:23:33,560 --> 00:23:34,640 Speaker 1: a dispute. 474 00:23:34,920 --> 00:23:37,560 Speaker 2: Not so much dispute, but definitely common area of advice 475 00:23:37,680 --> 00:23:39,080 Speaker 2: before you enter into the contract. 476 00:23:39,800 --> 00:23:41,480 Speaker 1: Say when you saw sit a husband and wife down 477 00:23:41,480 --> 00:23:43,280 Speaker 1: and say, well, this is the deal when it's joined 478 00:23:43,280 --> 00:23:46,720 Speaker 1: tenants and tenant common? Do they know we go all 479 00:23:46,720 --> 00:23:47,840 Speaker 1: a were going to do? 480 00:23:48,040 --> 00:23:53,000 Speaker 2: Sometimes? Yeah, yeah, yeah yeah. There's also liability issues. For example, 481 00:23:53,040 --> 00:23:56,359 Speaker 2: if one of the partners is a doctor or a 482 00:23:56,440 --> 00:23:59,120 Speaker 2: lawyer or a highly sellable person, they might not want 483 00:23:59,160 --> 00:24:01,320 Speaker 2: to own such a high percentage of the property. So 484 00:24:01,359 --> 00:24:03,480 Speaker 2: in that instance they might say, okay, well I'll go 485 00:24:03,520 --> 00:24:06,320 Speaker 2: on title for one percent and my wife can go 486 00:24:06,359 --> 00:24:08,000 Speaker 2: on title for the other ninety nine percent. 487 00:24:08,480 --> 00:24:10,280 Speaker 1: So you want all they're going on the title at all? 488 00:24:10,560 --> 00:24:13,640 Speaker 2: Good question. I guess they want to secure their interest somehow. 489 00:24:13,760 --> 00:24:16,680 Speaker 1: Is it for the borrowing capacity? 490 00:24:17,400 --> 00:24:20,720 Speaker 2: No, they could generally go guaranteel for the loan. That's true, 491 00:24:20,800 --> 00:24:24,000 Speaker 2: but sometimes sometimes they just like to have that. 492 00:24:25,359 --> 00:24:27,639 Speaker 1: Correct, Yeah, I want to have I can't think of 493 00:24:27,720 --> 00:24:31,399 Speaker 1: any real commercial reason behind it, but might just I 494 00:24:31,440 --> 00:24:35,080 Speaker 1: just want to be on the title, correct, And do 495 00:24:35,160 --> 00:24:38,439 Speaker 1: they then go and do deals behind the scenes between 496 00:24:38,440 --> 00:24:40,280 Speaker 1: the two of them to say they say, look, I'm 497 00:24:40,280 --> 00:24:41,760 Speaker 1: on there for one percent because I don't want if 498 00:24:41,800 --> 00:24:44,240 Speaker 1: I get sued, I want to not have any assets 499 00:24:44,320 --> 00:24:47,200 Speaker 1: and the words you're protected, you or ninety nine percents protected. 500 00:24:48,080 --> 00:24:53,000 Speaker 1: But just in case we get divorced, you get the 501 00:24:53,080 --> 00:24:56,119 Speaker 1: ninety nine percent, but behind the ninety numbercent thumb, I 502 00:24:56,200 --> 00:24:57,840 Speaker 1: want to be able to get my share of that. 503 00:24:58,440 --> 00:25:01,240 Speaker 2: Potentially, I don't know, certainly not talking to me about it. 504 00:25:01,240 --> 00:25:04,000 Speaker 1: I'm talking about that definitely, not especially for the lawyer. 505 00:25:04,000 --> 00:25:06,880 Speaker 1: I'm sure that I'll think about one hand. They want 506 00:25:06,880 --> 00:25:09,600 Speaker 1: to they want to have it and not have it, 507 00:25:09,640 --> 00:25:11,760 Speaker 1: so they don't want it to be there avilable for creditors. 508 00:25:12,640 --> 00:25:14,960 Speaker 1: But at the same time, the last thing they want 509 00:25:15,000 --> 00:25:18,679 Speaker 1: to do is, you know, then have split up in 510 00:25:18,720 --> 00:25:24,160 Speaker 1: the lawyer for the one of the parties, he goes, no, no, no, no, no, correct, 511 00:25:24,200 --> 00:25:28,120 Speaker 1: how smarter yourself and correct, you're only get one percent anyway, 512 00:25:28,560 --> 00:25:31,000 Speaker 1: Maybe the family law might have a different view on that. 513 00:25:31,240 --> 00:25:34,119 Speaker 1: And then finally first time buys assistant scheme. Is this 514 00:25:34,200 --> 00:25:35,840 Speaker 1: a federal government thing or a state gouverment thing? 515 00:25:36,640 --> 00:25:41,479 Speaker 2: It is a state by state government, state government. Yeah, 516 00:25:41,520 --> 00:25:44,120 Speaker 2: so in New South Wales, I actually think it's quite interesting. 517 00:25:44,200 --> 00:25:45,879 Speaker 2: Like twenty five years ago, when I was looking to 518 00:25:45,880 --> 00:25:48,560 Speaker 2: buy my first place, it was just a blanket rule 519 00:25:48,640 --> 00:25:51,679 Speaker 2: fifteen thousand dollars first place. Provided you didn't have a 520 00:25:51,720 --> 00:25:55,080 Speaker 2: spouse or someone you're buying with who had already purchased 521 00:25:55,119 --> 00:25:57,879 Speaker 2: a place, you would get it. And then over the 522 00:25:57,960 --> 00:26:02,280 Speaker 2: years it's become quite limited in many different situations. Now 523 00:26:02,320 --> 00:26:05,360 Speaker 2: it's sitting at ten thousand dollars only on new purchase, 524 00:26:05,520 --> 00:26:09,080 Speaker 2: but must be sorry on a new house or you 525 00:26:09,080 --> 00:26:12,439 Speaker 2: can build the house or apartment or apartment limited to 526 00:26:12,640 --> 00:26:14,919 Speaker 2: six hundred thousand to seven hundred and fifty thousand. 527 00:26:15,040 --> 00:26:18,680 Speaker 1: Other words, if you're buying something worth more than seven 528 00:26:18,760 --> 00:26:20,160 Speaker 1: hundred thousand, nothing. 529 00:26:20,840 --> 00:26:24,399 Speaker 2: More than six hundred less than seven to get the 530 00:26:24,400 --> 00:26:27,200 Speaker 2: ten grand. All other transactions you don't get anything. 531 00:26:27,240 --> 00:26:31,359 Speaker 1: And is it proportional between six hundred and seven fifty. 532 00:26:31,080 --> 00:26:32,720 Speaker 2: No, no, no, no, just ten grand. 533 00:26:32,920 --> 00:26:36,000 Speaker 1: It's an absolute amount. Yeah, So if it's one dollar 534 00:26:36,119 --> 00:26:38,720 Speaker 1: over seven fifty. If it's seven hundred fifty thousand, zero 535 00:26:38,840 --> 00:26:40,720 Speaker 1: zero one, yep, you get none of that. 536 00:26:40,760 --> 00:26:43,359 Speaker 2: Ten thousand nothing at all. Yeah wow Yeah. 537 00:26:43,400 --> 00:26:46,840 Speaker 1: And if it's blow six hundred thousand nothing nothing, it's 538 00:26:46,880 --> 00:26:49,240 Speaker 1: really it's very limited now, very limited. 539 00:26:49,320 --> 00:26:49,560 Speaker 2: Yeah. 540 00:26:49,920 --> 00:26:52,080 Speaker 1: What about it at a federal level, do first home 541 00:26:52,119 --> 00:26:53,160 Speaker 1: and as grand still exist? 542 00:26:53,960 --> 00:26:56,000 Speaker 2: Well, that's that's what that is it now, that's it. 543 00:26:56,040 --> 00:26:56,320 Speaker 2: That's it. 544 00:26:56,400 --> 00:26:58,320 Speaker 1: And what about a stake gumer level, that is at 545 00:26:58,320 --> 00:27:00,639 Speaker 1: a steak of level that is taken and nothing at 546 00:27:00,680 --> 00:27:01,440 Speaker 1: federal level. 547 00:27:01,520 --> 00:27:02,320 Speaker 2: No, Saturday. 548 00:27:02,520 --> 00:27:06,960 Speaker 1: So because I remember in two thousand and to John 549 00:27:07,000 --> 00:27:11,840 Speaker 1: Howard introduced the first homes grant, but he doubled it 550 00:27:13,880 --> 00:27:17,560 Speaker 1: and any one election, of course. But and my experience 551 00:27:17,600 --> 00:27:19,480 Speaker 1: in these things is, and what's the real estate agents 552 00:27:19,480 --> 00:27:21,920 Speaker 1: also tell me this is that whenever governments off of grants, 553 00:27:23,400 --> 00:27:25,560 Speaker 1: all that ends up happening is it just pushed the 554 00:27:25,600 --> 00:27:28,880 Speaker 1: price up because the people still got the same amount 555 00:27:28,920 --> 00:27:33,080 Speaker 1: of borrowing capacity, They've got the same deposit. So the 556 00:27:33,080 --> 00:27:35,280 Speaker 1: money that the government givenment gives them, all they usually 557 00:27:35,280 --> 00:27:37,359 Speaker 1: do is tip it back into the purchase price. Because 558 00:27:37,480 --> 00:27:40,120 Speaker 1: what I mean by that is everybody in the room 559 00:27:40,280 --> 00:27:41,760 Speaker 1: in the ox room is all going to get it 560 00:27:41,880 --> 00:27:45,760 Speaker 1: if they're all first home, first home buyers, and they 561 00:27:46,040 --> 00:27:48,760 Speaker 1: all competing with each other, and the ten thousand dollars 562 00:27:48,840 --> 00:27:50,560 Speaker 1: that they get or the first home as grant that 563 00:27:50,560 --> 00:27:54,000 Speaker 1: they get just becomes something they used to compete to 564 00:27:54,040 --> 00:27:55,399 Speaker 1: buy it. And actually what it does to push the 565 00:27:55,440 --> 00:27:58,520 Speaker 1: price up in the price just readjusts. That's what agents 566 00:27:58,520 --> 00:28:01,760 Speaker 1: tell me, generally speaking, when never governments have put this 567 00:28:01,800 --> 00:28:04,919 Speaker 1: first time in his grand out, it's great, but in 568 00:28:04,960 --> 00:28:09,040 Speaker 1: the beginning, but very quickly the price adjusts. Yes, maybe 569 00:28:09,119 --> 00:28:10,880 Speaker 1: over a six month period is a bit of a lag. 570 00:28:10,960 --> 00:28:13,440 Speaker 1: So anyone gets it in the first six months actually 571 00:28:13,560 --> 00:28:15,760 Speaker 1: gets the ten grand, it's sort of effectively a discount 572 00:28:15,840 --> 00:28:18,760 Speaker 1: for them or makes it more affordable. But over time 573 00:28:18,840 --> 00:28:22,040 Speaker 1: everybody's available able to access it, and then they all 574 00:28:22,119 --> 00:28:24,480 Speaker 1: just use it to compete with each other to push 575 00:28:24,520 --> 00:28:28,320 Speaker 1: the price up. And prices just readjust based on how 576 00:28:28,400 --> 00:28:31,880 Speaker 1: much money is available, especially free money, and generally speaking, 577 00:28:32,000 --> 00:28:37,040 Speaker 1: free money doesn't make markets any more accessible. Generally speaking, 578 00:28:37,080 --> 00:28:38,959 Speaker 1: that's what I get told by and by Damian, but 579 00:28:38,960 --> 00:28:41,000 Speaker 1: by the real estate agents over the years. I'm talking 580 00:28:41,000 --> 00:28:45,680 Speaker 1: about over twenty year period. Is there anything that you 581 00:28:45,720 --> 00:28:52,320 Speaker 1: would like to raise with us that buyers or vandors 582 00:28:53,080 --> 00:28:57,360 Speaker 1: outsort of what we just discussed should be aware of 583 00:28:57,520 --> 00:29:02,320 Speaker 1: or careful of in the legal process, something that's sort 584 00:29:02,320 --> 00:29:04,560 Speaker 1: of a bugbear of yours or something that you see 585 00:29:04,600 --> 00:29:04,920 Speaker 1: a lot. 586 00:29:05,120 --> 00:29:09,200 Speaker 2: Yeah. Sure, I think really the most important thing is 587 00:29:09,200 --> 00:29:11,520 Speaker 2: making sure you've done all of your due diligence before 588 00:29:11,560 --> 00:29:15,000 Speaker 2: you go either to auction or to exchange. What we 589 00:29:15,000 --> 00:29:17,760 Speaker 2: were talking about earlier with respect to the strata reports, 590 00:29:18,520 --> 00:29:20,959 Speaker 2: I think they're far more important than actually looking at 591 00:29:20,960 --> 00:29:24,160 Speaker 2: the contract when you're buying a unit, specially. 592 00:29:23,840 --> 00:29:26,000 Speaker 1: The strata reports before you exchange or do you get it? 593 00:29:26,160 --> 00:29:29,640 Speaker 2: Absolutely absolutely. I will always advise my client to get 594 00:29:29,640 --> 00:29:32,560 Speaker 2: it before. For example, if they are that first home owner, 595 00:29:32,960 --> 00:29:36,640 Speaker 2: first home buyer, you know they've got a limited amount 596 00:29:36,640 --> 00:29:38,480 Speaker 2: of money that they want to buy the place with, 597 00:29:38,600 --> 00:29:40,880 Speaker 2: and if there's a bunch of special levies coming up 598 00:29:40,960 --> 00:29:43,560 Speaker 2: or issues in the building, they need to know about 599 00:29:43,640 --> 00:29:45,680 Speaker 2: that before they purchase the property. 600 00:29:45,760 --> 00:29:47,480 Speaker 1: And that's what happened to me a long time ago. 601 00:29:47,560 --> 00:29:49,680 Speaker 1: But the special levee is what you're talking about. For example, 602 00:29:49,920 --> 00:29:53,800 Speaker 1: there could be a leak in the roof, and you know, 603 00:29:54,000 --> 00:29:57,520 Speaker 1: as a endor, as an owner that I don't want 604 00:29:57,520 --> 00:30:00,800 Speaker 1: to be part of this anymore. So I'm out because 605 00:30:00,840 --> 00:30:03,920 Speaker 1: there's going to be a special evety across all unit holders, 606 00:30:05,800 --> 00:30:08,680 Speaker 1: all the owners to pay the special livy in order 607 00:30:08,720 --> 00:30:11,280 Speaker 1: to pay for the roof to be repaired, for example, 608 00:30:11,440 --> 00:30:15,480 Speaker 1: to be replaced for that matter. And if you don't 609 00:30:15,480 --> 00:30:19,360 Speaker 1: know about this new other buyer and you settle, it's 610 00:30:19,360 --> 00:30:21,480 Speaker 1: your obligation now and all of a sudden it could 611 00:30:21,480 --> 00:30:24,160 Speaker 1: be underground. I mean I've seen it. Whereas correct, my one, 612 00:30:24,240 --> 00:30:26,600 Speaker 1: the one I got it costs me two hundred thousand dollars. Correct, 613 00:30:26,600 --> 00:30:29,200 Speaker 1: because they had agreed to replace all the windows in 614 00:30:29,240 --> 00:30:32,720 Speaker 1: the building because the windows rusted and they'll met all 615 00:30:33,120 --> 00:30:36,800 Speaker 1: windows and they agreed to do it. And you know, 616 00:30:37,200 --> 00:30:39,000 Speaker 1: turn ground at the time was a lot of dough 617 00:30:39,040 --> 00:30:43,880 Speaker 1: to me. And yeah, but the purchaser is not on 618 00:30:44,000 --> 00:30:46,040 Speaker 1: any under any obligation disclosed it to you. 619 00:30:46,080 --> 00:30:49,680 Speaker 2: Is it? The vendor is not. It is very much 620 00:30:49,720 --> 00:30:50,120 Speaker 2: their buyer. 621 00:30:50,160 --> 00:30:55,760 Speaker 1: Beware beware So and generally speaking, to do the buyers, 622 00:30:56,200 --> 00:30:58,480 Speaker 1: I mean you advise your clients to do, generally speaking 623 00:30:58,520 --> 00:31:01,800 Speaker 1: to buyers, actually do this work before before they exchange 624 00:31:01,840 --> 00:31:03,920 Speaker 1: all they usually ask for this stuff during a post 625 00:31:03,920 --> 00:31:06,080 Speaker 1: exchange presettlement. 626 00:31:06,120 --> 00:31:08,800 Speaker 2: Well depends if you've got a calling off period or not. 627 00:31:09,000 --> 00:31:11,440 Speaker 2: So if you have a calling off period, then you 628 00:31:11,520 --> 00:31:13,640 Speaker 2: have a little bit more liberty to do these things 629 00:31:13,680 --> 00:31:17,479 Speaker 2: after you've exchanged. So in that instance, maybe you wouldn't 630 00:31:17,480 --> 00:31:20,120 Speaker 2: be doing it beforehand if you quickly wanted to get 631 00:31:20,120 --> 00:31:23,080 Speaker 2: the property off the market. But if you don't have 632 00:31:23,120 --> 00:31:25,080 Speaker 2: a calling off period, one hundred percent should be doing 633 00:31:25,080 --> 00:31:27,760 Speaker 2: it beforehand. And if you don't, you could end up 634 00:31:27,800 --> 00:31:29,520 Speaker 2: in the issue that you were talking about with the 635 00:31:29,520 --> 00:31:30,960 Speaker 2: two hundred thousand dollars levy. 636 00:31:31,240 --> 00:31:33,040 Speaker 1: So that and there's not And by the way, so 637 00:31:33,080 --> 00:31:35,440 Speaker 1: in other words, if you buy it auction and you're stuffed, correct, 638 00:31:35,480 --> 00:31:38,960 Speaker 1: So you be your homework before auction correct. And if 639 00:31:39,000 --> 00:31:41,880 Speaker 1: you get presented, if the contract gets presented to your 640 00:31:41,920 --> 00:31:44,000 Speaker 1: lawyer has a sixty six w in, then they're exit. 641 00:31:44,040 --> 00:31:47,800 Speaker 1: You're expected to sign that you're stuffed to end. Correct, 642 00:31:47,840 --> 00:31:51,280 Speaker 1: So get either say one with the calling off period 643 00:31:52,000 --> 00:31:53,760 Speaker 1: or tonally. You're still going to have to do the 644 00:31:53,800 --> 00:31:57,200 Speaker 1: work on it. Get a report definitely, who gets report? 645 00:31:57,240 --> 00:31:58,800 Speaker 1: You or the. 646 00:31:58,320 --> 00:32:01,640 Speaker 2: Buyer, Well, the buyer can get it generally. Now it's 647 00:32:01,680 --> 00:32:04,840 Speaker 2: a lot more common for a vendors agent to organize them, 648 00:32:05,560 --> 00:32:08,080 Speaker 2: and they'll send a link out to a strata report 649 00:32:08,160 --> 00:32:10,560 Speaker 2: along with a contract and likewise with the building and 650 00:32:10,600 --> 00:32:13,320 Speaker 2: pest if it's a house. So it's pretty easy to 651 00:32:13,320 --> 00:32:16,240 Speaker 2: get them that way, and i'd definitely say order it 652 00:32:16,320 --> 00:32:17,520 Speaker 2: order before you go ahead. 653 00:32:17,760 --> 00:32:19,880 Speaker 1: It's the thing you order like a pest inspection and 654 00:32:19,880 --> 00:32:23,080 Speaker 1: a building inspection, et cetera. You ask for the strata 655 00:32:23,120 --> 00:32:27,040 Speaker 1: report exactly. It's a report though unbody in phraser, but 656 00:32:27,040 --> 00:32:30,680 Speaker 1: it says it tells you what your obligations are going 657 00:32:30,760 --> 00:32:31,640 Speaker 1: to be coming up. 658 00:32:32,120 --> 00:32:36,320 Speaker 2: These are the issues. This is what's been discussed. There's 659 00:32:36,320 --> 00:32:39,400 Speaker 2: a potential special levee for a fire order coming up, which. 660 00:32:39,240 --> 00:32:42,840 Speaker 1: You're obliged to tell you correct strata manage order whoever 661 00:32:42,840 --> 00:32:46,320 Speaker 1: it is correct? Right, Okay, there's a format. They can't 662 00:32:46,440 --> 00:32:51,200 Speaker 1: just bullshit you and not tell you anything or withhold 663 00:32:51,280 --> 00:32:53,800 Speaker 1: that that information that's relevant to you. 664 00:32:53,880 --> 00:32:56,400 Speaker 2: Well you would hope not no, but they might be 665 00:32:56,440 --> 00:33:00,320 Speaker 2: a claim against them then yeah, okay, absolutely, Like yeah, gay, 666 00:33:01,400 --> 00:33:05,120 Speaker 2: they claim be against the strata title personal or the vendor. 667 00:33:06,320 --> 00:33:10,280 Speaker 2: If the strata manager was purposely not giving you crucial 668 00:33:10,280 --> 00:33:13,040 Speaker 2: information like that, you'd imagine there'd be a claim against 669 00:33:13,040 --> 00:33:13,479 Speaker 2: the strata. 670 00:33:13,680 --> 00:33:16,640 Speaker 1: So congri it Okay. So when a strata final question, 671 00:33:16,680 --> 00:33:21,240 Speaker 1: when a strata manager is a strain manager, strata managem 672 00:33:21,480 --> 00:33:24,320 Speaker 1: sends you the information that maybe me or the lawyer, 673 00:33:24,960 --> 00:33:28,680 Speaker 1: maybe the purchase of my lawyer, say you request when 674 00:33:28,720 --> 00:33:31,280 Speaker 1: that information is sent to me. Is that sort of 675 00:33:31,360 --> 00:33:34,280 Speaker 1: sent as the let's call it the agent for the 676 00:33:34,360 --> 00:33:37,200 Speaker 1: vendor or that or is that just a third party 677 00:33:37,240 --> 00:33:39,640 Speaker 1: transit a third party interaction? 678 00:33:39,960 --> 00:33:42,720 Speaker 2: Got it? So, as the lawyer for the purchaser, I 679 00:33:42,720 --> 00:33:45,920 Speaker 2: would engage a strata searcher and they go and they 680 00:33:46,000 --> 00:33:48,440 Speaker 2: go to the office of the strata managing agent and 681 00:33:48,480 --> 00:33:49,880 Speaker 2: they do the search themselves. 682 00:33:49,960 --> 00:33:50,080 Speaker 1: Right. 683 00:33:50,240 --> 00:33:53,080 Speaker 2: They would also attach a bunch of minutes to the 684 00:33:53,160 --> 00:33:54,920 Speaker 2: report just to make sure that I can have a 685 00:33:54,960 --> 00:33:58,080 Speaker 2: look through and be sure that what they're saying is true. 686 00:33:58,400 --> 00:34:00,760 Speaker 2: But that is a third party tr action. That's not 687 00:34:00,800 --> 00:34:02,040 Speaker 2: a representation from the vent. 688 00:34:02,120 --> 00:34:07,080 Speaker 1: If the vendor's agent has ORGANI agents sensitive and it's 689 00:34:07,160 --> 00:34:11,839 Speaker 1: wrong yep, or has emissions or inclusions that are incorrect, yes, 690 00:34:12,080 --> 00:34:13,800 Speaker 1: it's then an action against the vendor. 691 00:34:14,440 --> 00:34:17,240 Speaker 2: It could be an action against a the strata searcher, 692 00:34:17,760 --> 00:34:21,319 Speaker 2: be the strata body corporate and see the vendor as 693 00:34:21,360 --> 00:34:24,239 Speaker 2: well and their agent because their agent acts on their behalf. 694 00:34:24,160 --> 00:34:28,440 Speaker 1: Well, I meanicle. Thanks very much for this. But one 695 00:34:28,480 --> 00:34:30,000 Speaker 1: of the lesson comes out of this, and for our 696 00:34:30,040 --> 00:34:34,240 Speaker 1: audience at least, is that you have a good solicitor, 697 00:34:34,280 --> 00:34:37,120 Speaker 1: have a good lawyer looking at this stuff. Don't take risks, 698 00:34:37,400 --> 00:34:40,080 Speaker 1: definitely not worth it. And the last thing you want 699 00:34:40,080 --> 00:34:42,319 Speaker 1: to do is end up in litigation. You don't want 700 00:34:42,320 --> 00:34:44,160 Speaker 1: to be on the other side of litigation. Or you're 701 00:34:44,160 --> 00:34:45,719 Speaker 1: trying to buy a property, You're not trying to buy 702 00:34:45,960 --> 00:34:50,080 Speaker 1: a dispute, So use lawyer. Thanks very much, Thank you 703 00:34:50,120 --> 00:34:50,600 Speaker 1: appreciate it. 704 00:34:50,719 --> 00:34:51,960 Speaker 2: Thank you for your time. Thank you