How to use “Redraft Conditions”

[rtw711]

Yes, that’s correct, I have noticed that too. It’s not in the instructions. However, in the module 8 example for the ANZ loan contract, it is included in the 1 ANZ contract.pdf on page 3. Given this, I assume you need to include it with your Account Statement despite their being no instructions. I also noticed that are a couple of additional clauses in the ANZ example than what’s included in the Redraft conditions document.
I would send copies of all documents to everyone involved in the matter. That’s what Mark told me to do in a Q&A recently.

• This reply was modified 1 year, 8 months ago by  rtw711.

[michael-teo]

Ah yes, you’re right. I don’t have the ANZ example in the module documents I purchased, but it is in the promissory note folder of the two day workshop, which seems to have additional documents.

[rtw711]

I haven’t done the two day workshop. However, for the ANZ example, in the instructions does it tell you what to write on the Statement of Account as shown in the ANZ example?

Also, on the back page of the ANZ contract, what is the amount of the stamp? I’ve seen Mark mention this in another video but have forgotten?

[michael-teo]

No, there’s no instructions as to what to write so you would just copy the example and modify it according to your purposes.
On the back of the ANZ example there is a 5c stamp then over the top signature, date completed and EIN number. Is your file illegible?

[rtw711]

Yes, you are correct. It is a 5c stamp. I should have enlarged the pdf to check the stamp value. For the EIN which is your Tax file Number (TFN), I am not sure if we should include the word “EIN” or just write the TFN number on the stamp? There is probably an example somewhere. Your thoughts?

[michael-teo]

The example (1 ANZ Contract Back Pages.pdf) has “EIN No.” written.

[rtw711]

I think you would just write “EIN 123 456 789”. No need to include “No.” as it is a number, your TFN.

[michael-teo]

Yes, correct. The “N” in EIN stands for “number” anyway.

[sseeto]

Are you paying a mortgage statement? You would use this redraft document only if you are. It would get glued to the bottom of the last page of the statement, then the Default & Liability Clause and Notice would get glued to the bottom of it (the 2nd page of the D&LC&N gets glued to the bottom of page one of D&LC&N so it’s a long continuous page/contract). The back pages get “Z INTENTIONALLY LEFT BLANK”, and then on the last page of the contract, bottom right corner gets the 5c stamp. Remember that the promissory note stays separate & gets attached with paper clip… don’t staple it or join it to the contract. The Certificate of Protest, last page in the ANZ example is not part of the documents that gets sent to them. This is completed on the day that you are meeting them at the coffee shop.

[rtw711]

Should the back of all pages of contract (i.e. back of Statement of Account, back of Redraft conditions etc) be marked with “Z INTENTIONALLY BLANK”? Note in the ANZ example, only the back of the 2nd page of the D &LC & N was marked with “Z INTENTIONALLY BLANK”.

[sseeto]

If the ANZ statement was 1 page printed on both sides, then there is no blank page to “Z INTENTIONALLY LEFT BLANK”. If the 2 page ANZ statement was printed on 2 separate pages with the back sides blank, then you would “Z INTENTIONALLY LEFT BLANK” both back pages that are blank. A red “NOT NEGOTIABLE NOT-TRANSFERABLE WITHOUT RECOURSE” goes on the top left corner of the “Z” page. I also did a red “ACCEPTED AS INDORSED”(with a signed Intitials to indorse” near the “INTENTIONALLY LEFT BLANK”, and signed initials again at the bottom right of the “Z”, on every page with the “Z”. The last page of the contract that is blank gets all that as well as the 5c stamp signed across the corner left and dated across it. It also has the “ACCEPTED FOR VALUE NOT NEGOTIABLE NOT-TRANSFERABLE WITHOUT RECOURSE By Grantor” above the 5c stamp. Also, you should “Z” any areas that are blank, to protect yourself from them being able to add something else in that gap of the document later.

[rtw711]

Thanks for reply, that is very helpful.

I also noticed “John Doe” was written at bottom of page next to the numbering e.g. [Page 1 of 5] John Doe.

On the last page of contract with the 5c stamp, in the 2 places where you need to sign, is this just your usual signature e.g. J.Doe or John Doe (in cursive writing) just as shown in the ANZ example (e.g. on page 2 of contract underneath $790,000)?

[sseeto]

Whatever is your signature is on the bottom of the pages near “page 2 of 5” etc, and diagonally across the left corner of the 5c stamp, also the same way just above it before “Grantor”. It’s your signature, so just pick one way, whether J Doe or John Doe or whatever – just make sure wherever you have to sign in the document, it is the same way each time. The only other signing way is when you initial wherever you make additions/changes to the contract.

[rtw711]

Thanks. Your response confirms my understanding.

[rtw711]

If you have time before this Wednesday’s Q&A, could you please respond to my Certificate of Protest post. It again concerns differences between the ANZ and CBA Certificate of Protest examples. It’s titled “Promissory Notes – Clarification of Certificate of Protest-Default-Dishonour”. Thanks. Your help is much appreciated.

• This reply was modified 1 year, 8 months ago by  rtw711.

[Brandon-Nicholas]

@sseeto so the redraft conditons are only for a mortgage? If you are discharging a Personal loan you wouldn’t include the redraft conditions?

[sseeto]

I’m not sure. It’s possible that it’s for other loans as well but it’s best to go on Mark’s Q & A session and ask him. Please update here when you find out the answer from Mark so that others can know.

[Brandon-Nicholas]

I used the redraft conditions in my PN contract, just changed it to suit my circumstances. After all it’s just a page of terms you are adding yo the contract so it can apply yo anything you want.