Hello,
A perhaps hypothetical question here that I hope someone can offer some further clarity on.
If a friend of mine was to have taken out a mortgage on a piece of farm land in QLD and due to regrettable circumstances was unable to make repayments the mortgagee was to sell the piece of land.
Due to a current market downturn the farm has been sold at auction for less than the price of the equivalent properties and actually sold for less than expectations. The auction was advertised pretty well online and in property guides for a few weeks as a profit producing business.
Ive been scouring S 84 and 85 of the QLD property law act and a ruling of the supreme court of Qld that states there is a scope of assistance available for my friend if theres evidence of a lack of due diligence in the sale process.
Does anyone know of any other applicable legislation that might help him out?
A perhaps hypothetical question here that I hope someone can offer some further clarity on.
If a friend of mine was to have taken out a mortgage on a piece of farm land in QLD and due to regrettable circumstances was unable to make repayments the mortgagee was to sell the piece of land.
Due to a current market downturn the farm has been sold at auction for less than the price of the equivalent properties and actually sold for less than expectations. The auction was advertised pretty well online and in property guides for a few weeks as a profit producing business.
Ive been scouring S 84 and 85 of the QLD property law act and a ruling of the supreme court of Qld that states there is a scope of assistance available for my friend if theres evidence of a lack of due diligence in the sale process.
Does anyone know of any other applicable legislation that might help him out?
