Hey folks, not sure if it is a right place to ask, if not please remove.
A friend of mine bought a property roughly 1.5 years ago and he's just realised a few days ago that he lost the sale contract of the property. As the property is mortgaged and is titled under his name, would the loss of the sale contract cause any issues now and in the future ie. when he wants to sell the property?
It would be a great help and comfort if anyone could shed some light on and clarify.
Cheers,
V
Nah, but the sale was done through a conveyancer and the original signed copy of the sale contract was mailed to him. Not sure if the conveyancer still has another copy.
Conveyancer/solicitor - same thing for this context.
100% they'll have a copy. Worth asking.
ask the conveyancer they used
the original signed copy of the sale contract was mailed to him. Not sure if the conveyancer still has another copy
Doesnt cause a problem afaik. I found my old one from 20+ years ago when moving. Not one person asked to see it in that time. Would explain why it was in a file down the back of a cupboard in the garage 😳
Titles - get asked frequently enough. Thats the piece that matters.
Check with conveyancer for copy.
I also share the same thought as the sale has completed successfully. But he worries that could be a problem in the future ie. the previous owner may make a false claim but I don’t think it is the case here in Australia.
the original signed copy of the sale contract was mailed to him. Not sure if the conveyancer still has another copy.
My understanding is conveyancers are required to maintain copies of every filing.
And there's no way someone can come after him. Australia is caveat emptor when it comes to buying property.
I filed mine in the round filing cabinet a year after buying the house.
The sale contract is only of any real relevance with respect to the sale itself. Once the sale has settled, the appropriate entries are made against the title of the property which then becomes the important thing.
I also share the same thought as the sale has completed successfully. But he worries that could be a problem in the future ie. the previous owner may make a false claim but I don’t think it is the case here in Australia.
Confirm the title. The solicitor who managed the sale can do this. They would also have a copy of the sale contract on file.
That is all you can do. If the vendor attempts to make some sort of claim, it's whole other ball game in any event.
The title has been confirmed by requesting a copy of the title from the titling department. So that is safe?
@vchar: As safe as you can get. The title is the "definitive document". If anyone has a claim, they will need to make claim against the title, therefore presenting an argument supported by evidence. Without getting into every conceivable scenario, the other party would need to demonstrate some defect in the transaction that should have prevented title passing. This is not easy to do.
You must remember that while "there are no guarantees" in life … which is to say if someone pursues a legal action of some description, there is no one piece of paper than you can just wave around to make it all go away … the sale and purchase of property is not exactly an uncommon transaction. Some estimate about half a million annually. Unless there is some specific issue at play, the probability of anything happening is very close to zero.
The title is the most important part stipulating the lot you own, any convenants and encumberences. That is held by the State Office and won't be lost unless the title is very old and on paper.
You may need it for an investment property to determine the exact purchase date. The sale price is public.
The title is what's important and that's electronic these days.
As above conveyancer should have a copy.
Can get one off eBay, might be able to stack with a discount code.
would be even better if it could be stacked with cash back reward 😝
Wait until there is a Westpac deal
Unfortunately, the transaction was done through westpac, any other offers?
How did he lose it ? Even if the conveyancer sent the original documentation they should still keep a copy for a minimum of 12 months to 24 months for you.
would the loss of the sale contract cause any issues now and in the future ie. when he wants to sell the property?
None at all…..
Sale done and dusted, contract no longer required. But if he's that worried, and if conveyancer can't provide a copy, assuming there's a mortgage involved he could ask his bank for a copy as it should be in the document package. There would be a cost for retrieval and could take a couple of weeks if it's in offsite storage, but could be worth it for peace of mind.
Have they asked the solicitor for a copy?