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BUSS 3106 Commercial Property Valuation

tag 0 Download 6 Pages / 1,409 Words tag 23-07-2021

Questions:

1.

You are a licensed conveyancer acting in the sale of a residential property for a client, Mr. Pickie. Mr. Pickie is angry at the cost of disbursements associated with preparation of the contract for sale. He insists that at least you could use the s149 Certificate that he obtained when purchasing the property three years ago. His is also not happy with all the questions you have been asking in relation to any possible adverse affectations on the property.

In keeping with your commitment to provide the best possible service to your clients, you decide to provide Mr. Pickie with written advice in simple language (supported by reference to statutory authority) about the following:

1. Why he must prepare a contract before the property goes on the market;
2. What is meant by his duty of disclosure and why it must be complied with;
3. Why you must ascertain whether the property has any adverse affectations;
4. Why it is unwise to rely upon a three-year-old s149 certificate.

2.

Skye and Clover both contribute to the purchase of Torrens Title land on the far North Coast called Nirvana.
Skye paid 30% of the purchase price and Clover paid 70%, however only Skye name appears on the title to the property.
Skye promises in writing to transfer the land into both their names but before she can carry out her promise, Skye dies.
Skye will leaves all her real and personal property to her spiritual advisor.
Clover claims to be entitled to Nirvana. Explain what rights, if any, Clover has in Nirvana. Discuss the issues and legal principles involved in reaching your conclusion

3.

Elton was a flamboyant entertainer whose will left all of his real and personal property to his much younger partner Davith. Elton suspected that Davith had been unfaithful to him for their entire relationship so he decided to dispose of some assets whilst still leaving Davith comfortable. Elton wrote a cheque for a sizeable donation to the Foundation for Fallen Entertainers and gave his Rolls Royce to his personal trainer. Elton also decided to make a gift of his mansion to Simone, his faithful costume-maker. Elton executed a Transfer, transferring the mansion to Simone. The transfer was duly signed and attested, and Elton handed it to Simone along with the Certificate of Title to the mansion. The next day, Elton found that Davith had not been unfaithful, and now wants Davith to get the mansion.

Explain, using authority, whether Elton can leave the mansion to Davith.

4.

Arthur enters into a contract with Christina to purchase her printing business. The business is called Regal Printing. Arthur is most impressed by the business as it appeals to his flamboyant personality. The premises are appointed in keeping with the business name with the reception area fitted out with purple carpet, sumptuous sofas and a custom built gold painted water-bubbler in the shape of a crown. The large managers desk (which Arthur would occupy) resembled a horse drawn carriage and the chair resembled a throne. The sale comprises the business, its goodwill, a list of equipment, stock in trade and the premises itself. The list of equipment includes photocopiers, desks, chairs, shelves, computer equipment and cash register and other incidental items.

After settlement, Arthur takes possession of all that he has purchased. Arthur was horrified to see that the water bubbler, carriage-desk and throne had been removed. He checked the contract and realised these items were not specifically listed in the sale. Arthur then thoroughly checked the premises and found that most of the equipment was in place except for a large reverse cycle air conditioner. He could see where it had been positioned and there was damage to the wall where it had been removed. The outdoor compressor unit had also been removed from the concrete slab upon which it had been mounted. Christina advises Arthur that she never intended these items to form part of the sale.

Explain who is entitled to the items in dispute. Discuss the issues and legal principles involved in reaching your conclusion.
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My Assignment Help. (2021). BUSS 3106 Commercial Property Valuation. Retrieved from https://myassignmenthelp.com/free-samples/buss3106-commercial-property-valuation/sale-of-a-residential-property.html.

My Assignment Help (2021) BUSS 3106 Commercial Property Valuation [Online]. Available from: https://myassignmenthelp.com/free-samples/buss3106-commercial-property-valuation/sale-of-a-residential-property.html
[Accessed 28 November 2022].

My Assignment Help. 'BUSS 3106 Commercial Property Valuation' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/buss3106-commercial-property-valuation/sale-of-a-residential-property.html> accessed 28 November 2022.

My Assignment Help. BUSS 3106 Commercial Property Valuation [Internet]. My Assignment Help. 2021 [cited 28 November 2022]. Available from: https://myassignmenthelp.com/free-samples/buss3106-commercial-property-valuation/sale-of-a-residential-property.html.


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