We have finally finished everything: the fencing, the sliding gate, tenants... almost. We're still waiting for the owner of the front house, the other cross-lease owner to sign off on the new title. Having problems there.
Meanwhile, we have found house number 2 - right next door. To get that, we've had to get a Registered Valuation on our do-up.... drum roll.... YES! We've squeaked in just over what we've actually outlayed. Once the bill comes in for the lawyers and land titles office registration for the new title, well that'll probably blow the cream off the top of our hot chocolate.
It's very exciting to have a run at getting the place next door. We can't believe we're getting to buy a house on the same size section, for little more than what we bought the first section for! We've gone unconditional and sign the mortgage docs tomorrow. Just waiting then for settlement to go through smoothly on Friday.
It may not be a smooth settlement, because it's a contemporaneous settlement. We have bought from a woman, who secured the house with a sale and purchase agreement but she doesn't have to settle until she sells it to someone else. She's a kind of trader, middle-gal. It was thus a 'private sale'.
The bank has really seemed to struggle with the whole deal. It nearly fell over when we informed our lawyer, naively, that the footprint of the house did not match up with what's on the title. It's "defective" she said. We looked up on the internet what a 'defective title' means and found that it can't be 'conveyed' so we thought that was all-over-rover. But, turns out you still can buy 'as is where is'. We just needed to give the bank our assurance that we would undertake to resurvey and fix the title, once we've done the renovations we're planning to do. And that's another story....
