Court order was in place with this property.
The investment property was sold with the option to buy under a lease to buy option in 2011, this was recognised on the court order and the court order had options if it did not proceed by the expiry date being 2013. Should have followed that up after the expiry but did not and the deal fell through in 2015. I got the property back in 2016 as the buyer had gone bankrupt.
see court options:
1.7. That the property at xxxxxxx in the State of Queensland shall remain subject to the option to purchase due to be completed by November 2013 and in the event that the said option does not take place the following is to occur (subject to the agreement of the parties and in default of agreement as ordered by this Court):
1.7.1. If either wishes to purchase the Queensland property and the intention to purchase is confirmed in writing to the other party by 7th December 2013 then the property shall be valued by a licensed valuer at the expense of the parties or agreed between the parties and the party offering to purchase the said Queensland property shall pay to the other one half of the value of the property less one half of the balance of any mortgage outstanding at that time;
OR
1.7.2. In the event that both parties or neither party wishes to purchase the Queensland property then it shall be forthwith be placed on the market for sale on such terms and conditions as agreed between the parties (including but not limited to choice of agent, marketing, method of sale and reserve price) and in default of agreement as to the terms and conditions of sale then such will be determined by this Court.
OR
1.7.3. In the event that there is a shortfall between the net proceeds of sale and all costs of sale (including but not limited to repayment of mortgages and any taxation liabilities) then the parties shall equally contribute to such shortfall in regard to each and all of the properties referred to herein.
OR
1.7.4. In the event that there is a profit following the sale of each and all of the properties referred to herein the parties shall equally share any such profit.
1. Property listed in 2017 and failed to sell, so I didnt push it as a sale would have cost 40k in losses. I maitained all outgoings, not by choice. Fast forward to today, the property sold and there is a profit and settlement being today. There is 100k input from me over 7 years, this being the shortfall of expenses and the principal I paid to the bank under a P&I loan. No cash input from my ex, but she was claiming tax benefits, (is this legal)? now she is complaining about Capital Gains. We are joint tennants on title.
2. Costings, Purchase 277K
Sold price after expenses 299K
Profit 22K
The remainder of the court order reads as below.
1.8. That each of the parties do execute all documents and do all such things as shall be necessary to give effect to the within orders PROVIDED THAT shall either party refuse or neglect or omit to execute any document or memorandum of transfer after the same shall have been forwarded to him or her for a period of seven (7) days then and in such case a Registrar or Deputy Registrar upon proof by affidavit of such refusal neglect or omission is hereby appointed to execute and in his or her opinion if it shall be necessary to do so to settle and to do all such other acts and things and to execute all such other documents that shall be necessary to give full force and effect thereto and shall execute and do the same accordingly.
1.9. xxx
1.10. That the wife shall retain as her sole property all furniture and effects in her possession and/or control (in and around the former matrimonial home), all savings and investments (if any), her superannuation entitlements, the proceeds from the sale of her Holden VE Commodore the amount of $20,000, savings retained by her at separation in the amount of $, her motor vehicle and all other property in her possession or control free from all claim and demand by the husband.
1.11. Each party shall do all such acts and things as are necessary to give effect to the terms of this Order.
1.12. Each party do release the other from any liability or claim that either one may have against the other in respect of any property either now or thereafter owned by either of them.
1.13. Hereafter each party shall discharge without calling upon the other to contribute there to their several debts contracted for or by them and henceforth each party is retrained and an injunction is hereby granted restraining the parties and each of them from pledging the credit of the other.
1.14. Each party shall pay their own costs of and Incidental these proceedings but the transferee in such case shall pay the costs and proceedings but the transferee in such case shall pay the costs and disbursements of and incidental to any conveyance or transfers necessary to give effect to the terms hereof.
1.15. Hereafter each party shall discharge without calling upon the other to contribute thereto their several debts contracted for or by them AND the wife shall pay any monies due in respect to the Savings and Loans Credit Card in joint names and that thereafter the said account shall be closed. Liberty to either party to apply as to consequential orders.
I would like to know where I stand.
1. Can I be repaid my principal bank payments and reimbursed for the expenses , before any profit is divideed
OR
2. Do we have to split the profit 50/50 then I can retain the balance of any excess.
She is asking for her share of profits? Whats the legal stance here. Appreciated inadvance.
The investment property was sold with the option to buy under a lease to buy option in 2011, this was recognised on the court order and the court order had options if it did not proceed by the expiry date being 2013. Should have followed that up after the expiry but did not and the deal fell through in 2015. I got the property back in 2016 as the buyer had gone bankrupt.
see court options:
1.7. That the property at xxxxxxx in the State of Queensland shall remain subject to the option to purchase due to be completed by November 2013 and in the event that the said option does not take place the following is to occur (subject to the agreement of the parties and in default of agreement as ordered by this Court):
1.7.1. If either wishes to purchase the Queensland property and the intention to purchase is confirmed in writing to the other party by 7th December 2013 then the property shall be valued by a licensed valuer at the expense of the parties or agreed between the parties and the party offering to purchase the said Queensland property shall pay to the other one half of the value of the property less one half of the balance of any mortgage outstanding at that time;
OR
1.7.2. In the event that both parties or neither party wishes to purchase the Queensland property then it shall be forthwith be placed on the market for sale on such terms and conditions as agreed between the parties (including but not limited to choice of agent, marketing, method of sale and reserve price) and in default of agreement as to the terms and conditions of sale then such will be determined by this Court.
OR
1.7.3. In the event that there is a shortfall between the net proceeds of sale and all costs of sale (including but not limited to repayment of mortgages and any taxation liabilities) then the parties shall equally contribute to such shortfall in regard to each and all of the properties referred to herein.
OR
1.7.4. In the event that there is a profit following the sale of each and all of the properties referred to herein the parties shall equally share any such profit.
1. Property listed in 2017 and failed to sell, so I didnt push it as a sale would have cost 40k in losses. I maitained all outgoings, not by choice. Fast forward to today, the property sold and there is a profit and settlement being today. There is 100k input from me over 7 years, this being the shortfall of expenses and the principal I paid to the bank under a P&I loan. No cash input from my ex, but she was claiming tax benefits, (is this legal)? now she is complaining about Capital Gains. We are joint tennants on title.
2. Costings, Purchase 277K
Sold price after expenses 299K
Profit 22K
The remainder of the court order reads as below.
1.8. That each of the parties do execute all documents and do all such things as shall be necessary to give effect to the within orders PROVIDED THAT shall either party refuse or neglect or omit to execute any document or memorandum of transfer after the same shall have been forwarded to him or her for a period of seven (7) days then and in such case a Registrar or Deputy Registrar upon proof by affidavit of such refusal neglect or omission is hereby appointed to execute and in his or her opinion if it shall be necessary to do so to settle and to do all such other acts and things and to execute all such other documents that shall be necessary to give full force and effect thereto and shall execute and do the same accordingly.
1.9. xxx
1.10. That the wife shall retain as her sole property all furniture and effects in her possession and/or control (in and around the former matrimonial home), all savings and investments (if any), her superannuation entitlements, the proceeds from the sale of her Holden VE Commodore the amount of $20,000, savings retained by her at separation in the amount of $, her motor vehicle and all other property in her possession or control free from all claim and demand by the husband.
1.11. Each party shall do all such acts and things as are necessary to give effect to the terms of this Order.
1.12. Each party do release the other from any liability or claim that either one may have against the other in respect of any property either now or thereafter owned by either of them.
1.13. Hereafter each party shall discharge without calling upon the other to contribute there to their several debts contracted for or by them and henceforth each party is retrained and an injunction is hereby granted restraining the parties and each of them from pledging the credit of the other.
1.14. Each party shall pay their own costs of and Incidental these proceedings but the transferee in such case shall pay the costs and proceedings but the transferee in such case shall pay the costs and disbursements of and incidental to any conveyance or transfers necessary to give effect to the terms hereof.
1.15. Hereafter each party shall discharge without calling upon the other to contribute thereto their several debts contracted for or by them AND the wife shall pay any monies due in respect to the Savings and Loans Credit Card in joint names and that thereafter the said account shall be closed. Liberty to either party to apply as to consequential orders.
I would like to know where I stand.
1. Can I be repaid my principal bank payments and reimbursed for the expenses , before any profit is divideed
OR
2. Do we have to split the profit 50/50 then I can retain the balance of any excess.
She is asking for her share of profits? Whats the legal stance here. Appreciated inadvance.
