We had two investment properties to be sold, but at the time it would have not covered the mortgage as such so waited for market improvement.
Property 1.
Purchase inc fees $319,000
Sold inc fees are $283000
Loss = 34k
Principal paid on loan $79,000, property was positive geared
Property 2.
Purchase $277,000 inc fees
Sold $300,000 inc fees
Profit= 23k
paid for expenses over 7 years $57,000 and principal $44,000
property 1 was sold at a realised loss based on purchase price and sale price, but there was a payout or $70k from the principal that I only put into the property.
property 2. just recently settled in QLD and a profit was realised, so as can be read from the court order any profits or losses are to be split. Again, no contribution was made by my ex. The nquestion is , the remaining payout is friom the capital paid by me.
My ex Claimed negative gearing after divorce without contributing. I would like clarification on the following. Is she legally entitled to claim for costs associated with her that were not physically paid by her.
will my contributions be refunded first before any profit/loss calculation?
OR
will profit/loss be calculated on buy and sell then my funds after be returned to me.
OR/AND
What this means in basic terms please to my situation?
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.
1.8. 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.
Property 1.
Purchase inc fees $319,000
Sold inc fees are $283000
Loss = 34k
Principal paid on loan $79,000, property was positive geared
Property 2.
Purchase $277,000 inc fees
Sold $300,000 inc fees
Profit= 23k
paid for expenses over 7 years $57,000 and principal $44,000
property 1 was sold at a realised loss based on purchase price and sale price, but there was a payout or $70k from the principal that I only put into the property.
property 2. just recently settled in QLD and a profit was realised, so as can be read from the court order any profits or losses are to be split. Again, no contribution was made by my ex. The nquestion is , the remaining payout is friom the capital paid by me.
My ex Claimed negative gearing after divorce without contributing. I would like clarification on the following. Is she legally entitled to claim for costs associated with her that were not physically paid by her.
will my contributions be refunded first before any profit/loss calculation?
OR
will profit/loss be calculated on buy and sell then my funds after be returned to me.
OR/AND
What this means in basic terms please to my situation?
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.
1.8. 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.
