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House Lottery Syndicates?

posted 12-4-2013 @ 10:15 AM www
House Lottery Syndicates?

I see we have Tatts lotto syndicates here but has anyone given thought to running a house lottery (e.g. Boystown, RSL, etc) syndicates?
posted 12-4-2013 @ 10:20 AM www


I think that would be very difficult. Splitting a money prize is one thing but splitting a house prize would provide all kinds of headaches.
The sister of a friend of mine won a Boystown one and it took more than 6 months to sell and then much below valuation. I can only begin to imagine all the practical and legal hassles if it was won by a syndicate.
posted 13-4-2013 @ 04:57 PM www


I agree it may be more difficult but is splitting the money from the sale of a house any different from a lotto win?
posted 13-4-2013 @ 05:19 PM www


Quote:
Originally posted by BudgieSmugler
I agree it may be more difficult but is splitting the money from the sale of a house any different from a lotto win?


yes because there is the issue of Certificate of Title. everyone's name would have to go onto the title first and then to sell the house everyone has to sign the contract and the original transfer document. I don't think many people would want the house to be put in the name of just one of the syndicate winner's names and then the money split later.
It would be lovely to win and split the proceeds down the track though.
posted 13-4-2013 @ 07:46 PM www


This would be a logistical nightmare for the winners/real estate agents/solicitors - if you won one, all the syndicate members' full names, contact details and signatures would have to be on the Sale Contract; the Authority to Sell; and all would need to participate in negotiations leading to the subsequent Contract of Sale; and Transfer Documents. And if you all lived in various States throughout Australia....

With so many organisations within Qld offering Prize Homes (Endeavour, RSL, Mater, Surf Lifesavers, Boystown, Deaf Lottery), how would you choose which one to invest your funds in.

Single ticket prices range from $2 to $15 each, and there can be up to (around) 6 million tickets printed & hopefully all sold for each home.

I'll continue to try my luck selectively and independently.
posted 13-4-2013 @ 08:49 PM www


Quote:
With so many organisations within Qld offering Prize Homes (Endeavour, RSL, Mater, Surf Lifesavers, Boystown, Deaf Lottery), how would you choose which one to invest your funds in.

Single ticket prices range from $2 to $15 each, and there can be up to (around) 6 million tickets printed & hopefully all sold for each home.



Endeavour or Boystown. They cap their ticket sales at 380,000 so compared to Tattslotto the odds are better. Forget Mater and Surf Lifesaving. They can sell tickets to the value of 5 times the property value and at $2 a pop, that's why they sell around 5-6 million of them.

Anyhoo. Was just a suggestion.

When I win I'll send you a postcard from it :P
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