Don't Be A Party To Mortgage Fraud!

by Tim O'Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au Last week I received this email: "Tim, I was wondering if you could help me with a strange clause. A woman wants to purchase a property for $500,000. She wants to get extra money from the banks to cover deposit, so this is what she proposes: Contract Price: $670,000 30% deposit (deposit is not physically paid, but sellers acknowledge that the deposit has been) Then at settlement, she pays the $500,000. This means...(read more)

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[Source: Australian Real Estate Blog]