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BSBCNV505 Finalise The Conveyancing Transaction

tag 5 Downloads 5 Pages / 1,170 Words tag 27-11-2020

1.Would a 6x3x1 metre above-ground pool be classified as a chattel?  Explain what further information is needed, and how a court might deal with such a matter.  Would the surrounding child-proof fence be similarly classified? ( answers all the parts 150 words)

2.Harry purchased land with improvements in Melbourne. The one page Section 32 Statement had attached to it a title search which had been conducted 18 months earlier, a 12 months old Municipal rate notice (not a land information certificate) and nothing else.  What should you do? Do you consider any section of S. 32 of the Sale of Land Act 1962 would apply?  
3.If Harry and Sam conducted an inspection of the property the day before settlement and discovered that the concrete bird bath and its stand were missing from the rear garden, explain if such a breach of contract would entitle them to refuse to settle, if the contract was silent on this point?  
4.Keiko was granted a life estate in Murakami Estate by way of gift. Keiko won a substantial prize in a lottery and purchased the estate in fee simple in the estate. Advise Keiko of the status of her life tenancy upon settlement of her purchase of the estate in fee simple.  
5.If Keiko owned the rear property to Murakami Estate and had placed a covenant in the contract that Su and Hew were prohibited from building more than one single storey dwelling house on Murakami Estate, how would such a restrictive covenant be incorporated into the Title?  
6.William's mum received a gift of $100,000 (from her first cousin) when William was 12 years of age. The gift was accompanied by a signed letter stating the gift was:  “to be applied for the benefit of William until he reaches the age of 21 years, as [William's mum] sees fit",  William's mum immediately decided to invest the money on William's behalf by purchasing Ivanhoe Manor, and she signed a document with her solicitor at the time of purchase declaring the true facts. The land was eventually registered in her name.  Explain and advise William's mum of the likelihood of stamp duty being attracted under the Duties Act 2000 (Vie.) by her transferring the land from her name into William's name. Assume Ivanhoe Manor was purchased for $100,000 nine years ago and is now valued at $1,000,000.  
7.William sold a leasehold estate to Rod for a consideration of $220,000. William knew that Rod intended to use the leasehold for a restaurant, which strictly required use of the 20 car parking spaces on the title. One month before settlement William received a letter from the municipality advising that the municipality and Vic Roads intended to compulsory acquire some of William's land for an approved road-widening scheme, which would remove the entire car park. With respect to William, does caveat emptor apply in the light of the information? Give reasons.  

8.Sam signed an unconditional contract of sale to purchase Blueacre. A term of the contract specifically stated that the purchaser "shall accept all risks associated with the land sold on the signing hereof'. The vendor was in occupation of the land. Due to an electrical fault, the premises on the land caught fire and were destroyed, including the vendor's large indoor marijuana crop. The vendor's insurer investigated the cause of the fire, along with police and fire brigade investigators, after the vendor claimed on his insurance policy. Sam, who had fallen in love with the land, wishes to complete the purchase, but only if he may take advantage of the vendor's insurance policy. With reference to the Sale of Land Act 1962, advise Sam.  

a) Must the vendor disclose a fencing notice from his neighbour?
b) Must the vendor include a VicRoads statement with sale? 
c) Under the insurance contract act 1984; Can the purchaser rely on vendors insurance? 
d) Is the insurer liable for the purchaser’s loss?
e) To what extent is the insurer liable?
f) Are there restrictions if the purchaser takes possession.? Upon what legal principle is this based? 
g) If a contract is subject to finance, can the deposit be released to the vendor pursuant to section 27? 
h) What are the main acts and subordinate legislation that govern the operation of VCAT? 

9.Homer Simpson is selling his farm of two titles (one old title and one torrents title) and the parties have agreed the vendor will provide two Transfer of land Act Titles. However the new purchaser does not want to pay GST and keep stamp duty to a minimum. What would you (conveyancer) advise? 

As a general rule a person may freely dispose of property to which they have title, and a person may purchase property, which is offered for sale. There are 2 qualifications to this general rule, explain them. 

10.Beyoncet has organised the sale of her property and it is going smoothly. However two weeks before settlement she received a call from the r/e agent advising the purchaser wanted to add clauses/conditions to the contract to ensure the property was left in good condition on expiry of the lease and for when she moves in. 

11.Given that Beyoncet and James were overseas and were only contactable via email, her Conveyancer advised the r/e agent that given the purchaser had already signed the contract with the lease condition, it would not be in the vendor’s interest to be adding further conditions now, and the condition of the property on expiry of the lease would be covered by the bond, which is something the r/e agent needs to manage. 

  1. a) What do you think the outcome was to this situation for the purchaser? Why?  
  2. b) Beyoncet was enjoying her short break with James overseas and she sent her Conveyancer instructions to get the deposit released for her unit. It seems the holiday was a bit more expensive than they had planned and they have run out of money. 

12.Unfortunately on the letter from the bank, for s27 purposes the purchasers conveyancer states Beyoncet has her account in default and on that basis the purchaser won't release the deposit unless the bank writes another letter saying that our client is not in default.   

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My Assignment Help. 'Finalise The Conveyancing Transaction' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/bsbcnv505-finalise-the-conveyancing-transaction/diploma-of-conveyancing.html> accessed 18 August 2022.

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