Hello Everyone. I am currently looking at possibly purchasing a home unit in Queensland, where the Commonwealth Bank is selling the property, having foreclosed on the owner who had a mortgage with the bank. That is, the bank is selling as Mortgagee in Possession.
When I look at the Contract, the first half of it is the standard Real Estate Institute of Queensland standard contract, which is very fair, balanced, and even-handed in its protections of each party to the transaction.
HOWEVER, the second part of the contract is Special Conditions.
These totally strip away ANY and EVERY right which might have accrued to the new purchaser under the standard REIQ contract; and in addition, they require a Guarantor.
I will never go as a guarantor for anyone (as my children well know), and nor would I seek for anyone to go as a guarantor for me. I find it obnoxious that they seem to be REQUIRING this for every purchaser.
Oh, by-the-way, it seems that in Queensland, they established the law around home-unit sales, with CONSUMER-protections in mind. Part of that, requires hefty "Disclosure Documents" to be available when selling. TWO important pages of that documentation are NOT completed, and despite requests to the agent to obtain them, they are not forthcoming. (And their Special Conditions in the contract strip away any comeback against them for this anyway.)
After having been very patient for a few weeks now, seemingly stupidly believing that such missing documentation was merely an unintended oversight; my cynical side is emerging, and I am viewing the bank and its agents in a far more sinister light.
Accordingly, I would find it very helpful to read of the experiences of other people who have encountered this sort of thing before; and to hear from those whose mortgages have been foreclosed upon by the bank might also help to cast some light on the situation.
Thank you all in advance for any assistance with this.