I have to get 8 bankers cheques for my settlement
Nov 2nd 2005, 12:45 am
#1
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Thread Starter
Joined: Nov 2004
Posts: 21,374
I have to get 8 bankers cheques for my settlement
I have to get one for the estate agents that are selling it and I'm gobsmacked to find out I have to get one for the vendors bank to pay what he owes them.
So I have to pay for all these cheques i thought that was what I was paying the conveyncer for
So I have to pay for all these cheques i thought that was what I was paying the conveyncer for
Nov 2nd 2005, 12:56 am
#2
Absinthe Minded
Joined: Jan 2005
Location: At the football
Posts: 668
Re: I have to get 8 bankers cheques for my settlement
So I have to pay for all these cheques i thought that was what I was paying the conveyncer for [/QUOTE]
Why would you think that ?
Not sure about Vic, but in Qld the number of bank cheque the buyer has to provide is limited, the remainder of cheques to agent, sellers solicitor being solicitors trust cheques. Obviously the cheques to the seller and his mortgagee need to be bank cheques.
Usually your bank will provide a certain number of the cheques free if you are getting finance. If on the other hand you are cashed up...
[/QUOTE]Why would you think that ?
Not sure about Vic, but in Qld the number of bank cheque the buyer has to provide is limited, the remainder of cheques to agent, sellers solicitor being solicitors trust cheques. Obviously the cheques to the seller and his mortgagee need to be bank cheques.
Usually your bank will provide a certain number of the cheques free if you are getting finance. If on the other hand you are cashed up...
Last edited by Del Boy; Nov 2nd 2005 at 12:59 am.
Nov 2nd 2005, 12:59 am
#3
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Thread Starter
Joined: Nov 2004
Posts: 21,374
Re: I have to get 8 bankers cheques for my settlement
Originally Posted by Del Boy
So I have to pay for all these cheques i thought that was what I was paying the conveyncer for
Not sure about Vic, but in Qld the number of bank cheque the buyer has to provide is limited, the remainder of cheques to agent, sellers solicitor being solicitors trust cheques. Obviously the cheques to the seller and his mortgagee need to be bank cheques.[/QUOTE]
Why would I think that?
Well in the uk the money goes to the solicitor who then divvys it up.
Nov 2nd 2005, 1:02 am
#4
Absinthe Minded
Joined: Jan 2005
Location: At the football
Posts: 668
Re: I have to get 8 bankers cheques for my settlement
Originally Posted by fraser
Why would you think that ?
Not sure about Vic, but in Qld the number of bank cheque the buyer has to provide is limited, the remainder of cheques to agent, sellers solicitor being solicitors trust cheques. Obviously the cheques to the seller and his mortgagee need to be bank cheques.
Not sure about Vic, but in Qld the number of bank cheque the buyer has to provide is limited, the remainder of cheques to agent, sellers solicitor being solicitors trust cheques. Obviously the cheques to the seller and his mortgagee need to be bank cheques.
Well in the uk the money goes to the solicitor who then divvys it up.[/QUOTE]
Fair enough...are bank cheques required in the UK ? if so, someone has to pay for them (anything from 6 - 10 dollars each here and it seems the whole country runs on bank cheques)...welcome to Australia
Nov 2nd 2005, 2:33 am
#5
SharonC
Joined: Jan 2005
Location: Perth
Posts: 142
Re: I have to get 8 bankers cheques for my settlement
When bought our place in WA the Settlement Agent paid for everything all that kind of stuff out and gave us an invoice at the end so that we could pay the shortfall.
Sharon
Sharon
Nov 2nd 2005, 3:08 am
#6
Loving it in Bundy
Joined: Sep 2003
Location: Bundaberg, Australia
Posts: 1,775
Re: I have to get 8 bankers cheques for my settlement
Originally Posted by fraser
I have to get one for the estate agents that are selling it and I'm gobsmacked to find out I have to get one for the vendors bank to pay what he owes them.
So I have to pay for all these cheques i thought that was what I was paying the conveyncer for
So I have to pay for all these cheques i thought that was what I was paying the conveyncer for
We have now been hear three weeks and loving it. Couldn't say we were off as I had no pc or phone, lol.
Hope all is well.
Sarah
Nov 2nd 2005, 3:43 am
#7
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Thread Starter
Joined: Nov 2004
Posts: 21,374
Re: I have to get 8 bankers cheques for my settlement
Originally Posted by teach
Hey fraser, my lovely! Glad to see it is still going so smoothly for you, lol.
We have now been hear three weeks and loving it. Couldn't say we were off as I had no pc or phone, lol.
Hope all is well.
Sarah
We have now been hear three weeks and loving it. Couldn't say we were off as I had no pc or phone, lol.
Hope all is well.
Sarah
Nov 2nd 2005, 3:45 am
#8
Forum Regular
Joined: Jan 2005
Location: Port Macquarie, NSW
Posts: 138
Re: I have to get 8 bankers cheques for my settlement
We settle next Thurs and our conveyancer is paying for everything out of the $7000 first home grant. She'll then give us the balance.
Nov 2nd 2005, 6:39 am
#9
Sydneysider and lovin it!
Joined: Nov 2002
Location: Sydney - Eastern Subs
Posts: 225
Re: I have to get 8 bankers cheques for my settlement
Originally Posted by fraser
I have to get one for the estate agents that are selling it and I'm gobsmacked to find out I have to get one for the vendors bank to pay what he owes them.
So I have to pay for all these cheques i thought that was what I was paying the conveyncer for
So I have to pay for all these cheques i thought that was what I was paying the conveyncer for
Snap! Best one was when my personal cheque (cost $1) for the deposit was turned down by the bllody agents and I had to get a bank cheque (cost $8!).
BUT beat the $0.41 interest I got on my $2k rental bond after 2 years!
Dinky
Nov 2nd 2005, 6:46 am
#10
BE Forum Addict
Joined: Dec 2004
Location: A land far far away
Posts: 1,149
Re: I have to get 8 bankers cheques for my settlement
That's odd. We just paid the one cheque to the settlement agent.
Poor you
Poor you
Nov 2nd 2005, 7:09 am
#11
BE Forum Addict
Joined: Dec 2003
Location: Adelaide - South Australia
Posts: 1,820
Re: I have to get 8 bankers cheques for my settlement
Yep - when I settled on the land I bought all I did was arrange for 1 bank cheque to the conveyancers trust account and he sorted it all out. Seems very wierd.
Nov 2nd 2005, 7:37 am
#12
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Thread Starter
Joined: Nov 2004
Posts: 21,374
Re: I have to get 8 bankers cheques for my settlement
Cheque #1 The vendor
Cheque #2 the council
Cheque #3 Water board
Cheque #4 The vendors mortgage balance
Cheque #5 The estate agents commision
Cheque #6 The conveyencer
Cheque #7 stamp duty
Cheque #8 land registration
Now surely cheques 4 & 5 are the vendors responsability
Cheque #2 the council
Cheque #3 Water board
Cheque #4 The vendors mortgage balance
Cheque #5 The estate agents commision
Cheque #6 The conveyencer
Cheque #7 stamp duty
Cheque #8 land registration
Now surely cheques 4 & 5 are the vendors responsability
Nov 2nd 2005, 8:37 am
#13
Banned
Joined: Dec 2004
Location: Tapping (Perth)
Posts: 2,619
Re: I have to get 8 bankers cheques for my settlement
Originally Posted by fraser
Cheque #1 The vendor
Cheque #2 the council
Cheque #3 Water board
Cheque #4 The vendors mortgage balance
Cheque #5 The estate agents commision
Cheque #6 The conveyencer
Cheque #7 stamp duty
Cheque #8 land registration
Now surely cheques 4 & 5 are the vendors responsability
Cheque #2 the council
Cheque #3 Water board
Cheque #4 The vendors mortgage balance
Cheque #5 The estate agents commision
Cheque #6 The conveyencer
Cheque #7 stamp duty
Cheque #8 land registration
Now surely cheques 4 & 5 are the vendors responsability
Gina
Nov 2nd 2005, 9:53 am
#14
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Thread Starter
Joined: Nov 2004
Posts: 21,374
Re: I have to get 8 bankers cheques for my settlement
Originally Posted by GinaUK
Weird. Even if under the Oz system it is your responsibility to make these 8 payments, I can't believe they use *cheques* for them. Have the Oz banks not heard of telegraphic transfer?
Gina
Gina
Nov 2nd 2005, 10:00 am
#15
Forum Regular
Joined: Jan 2005
Location: Port Macquarie, NSW
Posts: 138
Re: I have to get 8 bankers cheques for my settlement
Aren't you exempt from stamp duty as a first time Aussie buyer?
