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I have been in a defacto for 6 yrs and in the first year bought a home as tenants in common 50/50 shares through equal initial depozit and mortgage repayments, also equal contribution to all house and living expenses. 5 weeks ago my partner announced out of the blue he needs urgently $150K for a payment for his business, he started about 12 months ago and which is his source of income (previously he was on salary). He initiated a business loan but his timeframe for the money was not met, hence the other option was to ask for a top up of the current morgage. As the morgage is on both names i fill in the aplication for the top up as the second party. This top upof $150K represent entire equity in the house and includes half of my equity. I have a full time and secure job, but i'm concerned that his business may go broke and I will liable for this additonal morgage of $150K. He needs the money in 6 days, the bank will soon approve, there was no time to do a BFA, he puts pressure on me to let him acces the money. Relationship not very good either, i feel trapped. Whar can I do in such short period of time to limit my liability? I drafted a BFA but there is no time to get the whole legal process hapennign before he needs the money, can we get the FBA signed by both of us and by a public notary? Waht else should i do?
Optional Information: State or Territory: Western AustraliaWhat have you tried so far?: got 1 hour legal advice fromMaily court lawyer, but they need as a minimum 4 days to complete ethe agrement then a week for each of us to get legal advice. It seems there is no shorter way. My BFA is well written, as i am expoerienced in writing contraxts for a gov agency, my paretner is happy to sign it as it is, and agrred he will be solely liable for the addional loan of $150K and the respective interest and indemnifies mya gainst the payment of this lona, and it will reflected in his share of the equity, hence my share will not be affected.
Good Evening
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Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
thanks.One more question. What if i gave him notice of separation and fill in consent orders indicating this loan on his side of liabilities and if he signes then perhaps I can let him have the money?