Ex Keystart House (Mortgagee in Possession) Contract Has REIWA Terms Removed

LRhubarb on 28/12/2017 - 12:40
Last edited 28/12/2017 - 13:39 by 1 other user

I've been looking at buying a house where the mortgagee is in possession. Keystart are the mortgagee.

Looking at the offer contract a number of the standard REIWA terms have been removed, some of them have been replaced with Keystart's own terms, which makes me feel a little uncomfortable.

Does anyone have any experience of buying a house in this situation? Is it something best to stay clear of?

Thanks

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  tsunamisurfer on 28/12/2017 - 14:01

  +1

  What are the terms they have removed and replaced with??

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  djkelly69 on 28/12/2017 - 17:58

  Not sure about WA, but it is extremely common for the standard Law Society/REI terms to be amended in NSW and ACT.

  Just talk to your solicitor or conveyancer about them if you have concerns.

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  Keystart Home Loans on 02/01/2018 - 14:35

  Hi Rhubarb,
  Please note: This response is from an authorised Keystart employee.

  Keystart’s Mortgage in Possession properties are sold with our standard Mortgagee Sale Annexure terms and conditions – essentially, the property is sold “as is”. If you would like more information about a particular property, feel free to give us a call on 1300 578 278.

  Keystart recommends you seek independent legal advice to ensure you are fully informed before entering into any contract. As a home loan provider, we are unable to provide that advice.

  Regards,
  Keystart Home Loans