Priority Commercial Mortgages

Pre-settlement Legal Requirements

Documents provided by solicitor / Commercial Term Loan Facility Letter of Offer (+ copy)
Mortgage
Memorandum 8303572
Directions to pay
Undertaking
Direct Debit Request Form
Loan Account Instructions Form
Warranty
Bank Solicitors Fee (payable by client)
List of APRA approved Insurers
Documents required for completion / Letter of Offer duly signed or initialled
The Mortgage duly executed and stamped to secure a total loan of $xxxxxxx. Please ensure that the mortgage is stamped prior to return
Direction to Pay duly executed
Undertaking duly executed
Direct Debit Request Form completed and signed
Loan Account Instructions Form completed and signed
Warranty duly executed
Bank cheque in payment of our account
A certificate of currency issued by the insurer and not a broker or an original building insurance policy for $xxxxxx on a replacement basis noting ING Bank (Australia) Limited of 140 Sussex Street, Sydney NSW 2000 as Mortgagee. The insurance must be effected with one of the approved insurers
Survey Certificate by exception only. ING DIRECT will advise specifically where a survey certificate is required, in all other instances provision of Survey Certificate is not required. Where a Survey Certificate is required it must: -
(i) Identify the land by reference to its present title particulars,
(ii) Identify any building erected on the land by street number or name and
(iii) Certify that there are no encroachments by or upon the property and that the Local Government Regulations and/or Environmental Planning and Assessment Act Regulations have been complied with as to the distance of walls, eaves and gutters from boundaries.
Zoning Certificate, not more than 2 years old and to confirm current zoning as listed in the valuation report.
Land Tax Certificate (for refinance and increase requests only).
Special Conditions / Requirements / Cheque in favour of the Land & Property Information NSW in the sum of $xxx in payment of registration fees
Existing ABC Bank loan number 12344556 is to be repaid in full and closed at settlement. YOU WILL NEED TO ARRANGE FOR THIS.
Discharge of Mortgage no 123445 from ABC Bank will be required at settlement. YOU WILL NEED TO ARRANGE FOR THIS.
Copy of lease number 12344556.
Copy of variation of lease number 12344556.
Copy of any other lease/s in place for the properties.

All of the above documents and requirements need to be met at least 3 business days prior to settlement. Cheque direction is to be received by the solicitor no later than 10am on the morning before settlement.

Commercial Loans Legal Fees and Charges

ING DIRECT Solicitor Fees and Charges
This is a guide to the costs that may be charged directly to the borrower by the solicitors representing ING DIRECT. Please note that this does not include all costs that may be payable by the borrower in relation to obtaining finance for the purchase of property.
Maximum Fees and Disbursements
Documentation and settlement costs payable by the borrower
Service / ALL STATES
Documentation & settlement fee
loans $0.00 to $600,000.00 (exclusive of GST)
loans over $600,000.00 (exclusive of GST) / $600
0.1% of principal
Disbursements – search fees, administration out-of-pocket fees, settlement fees – maximum charge (exclusive of GST) / $150.00
Registration fee (der dealing) / $75.00
Company search (per search) / $30.00
Stamp duty / At cost
Matter not proceeding (maximum fee) / $100.00
Additional interstate security (exclusive of GST) / $200.00
Variation (exclusive of GST) / $150.00
Company charge (exclusive of GST) / $100.00
Substitution (exclusive of GST) / $600.00
Old system title and other special titles (eg. Company title, community title) (exclusive of GST) / $200.00
Old system search fee (exclusive of GST) / At cost
Lease – consent costs (exclusive of GST) / $150.00

Solicitor Contacts

NSW

Hicksons: 02 9293 5350 (Terri)

ACT

Gadens National Mortgage Services: 02 9931 4914

VIC

Gadens National Mortgage Services: 03 96207311

WA

Gadens National Mortgage Services – CBA Legal: 08 9223 9223

TAS

Gadens National Mortgage Services: 03 6338 5552

QLD

Gadens National Mortgage Services: 07 3226 9000

SA & NT

Gadens National Mortgage Services: 08 8233 0678

ING DIRECT is a division of ING BANK (Australia) Limited ABN 24 000 893 292