S&P Agreement - Backdated

[purenzproperty]

Can A standard Sale and purchase agreement be back dated a year or so if both parties agree?

The purpose of wanting to do this is, we are wanting to do a long settlement but the settlement needs to happen in the next few months.

By back dating the S&P and reducing the purchase price 30% below valuation, we can then obtain finance based on a valuation because the S&P will not be considered by the bank.

The settlement date would still be in a few months from now but the possession and date of agreement would date back a year or more...

Would love to hear some thoughts on this?

[Dean@Massiveaction]

Well other than being fraud it's a sound idea :-). Not something you would advertise on here pure.
You are basically saying you are going to falsify a document in 2 places and give it to a bank and is that OK?
Do you really need an answer. You could go to prison!

[purenzproperty]

Dean.... Your right and I kind of expected a reply like this.

But what is to prove it was not signed over a year ago? As the property title has not changed the only record would be an open file at the solicitors right?

[Dean@Massiveaction]

Apart from this thread which the bank or IRD might track only your conscience.
That's the point. If you're hell bent on breaking the law and you obviously know you are then do it if that's OK with you, but why advertise it here?

I would contact a good broker and find a legal solution myself :-) Why not use NBM (non bank money) to settle it and then refinance later if it's such a good deal?

[Winston001]

What you propose is unlawful. If IRD, the bank, ot the police were to investigate they have the ability to search your computer and your solicitors computer. That will show up the true dates.

If you think your solicitors files etc are protected by client privilege - think again. Privilege does not cover fraud and unlawful acts.

[purenzproperty]

cool - just thought I would through it out there.... Was never my intention to be fraudulent... Just trying to find a solution that works... Thanks for the sugestions

[ladyagent]

What else are you up to ?

[PC]

The penalties for being fraudulent are laughable any way.
If you're going to spend the time - go for mega $ ripping off pensioners and share investors. (The Government currently has first dibs on PI's).

Put any dosh you have in the wife's trust then leave for Aussie when the heat arrives!
Plenty of great mentors in the local papers to give advice, or for help from a real pro - contact your local list MP.

[WGN ex-property manager]

Why not simply write an S&P dated today, with settlement 3 months out, and early access to renovate (the letterbox). Once (the letterbox) renovation is complete, you have added value to the property, so the bank should accept the registered valuation you get the day after the (letterbox) renovation is complete. You then get to settle at the registered valuation (which is the number you where after), not the S&P price.

You might even get to add $50 to the value of the property with a shiny new (letterbox) decor :-)

Best to get this straight with your broker first, and I am being a little facetious and flippant in this particular example, but a renovation to "reset" the banks perception of the value is another alternative to "time passing in the market", and much safer than fraud.