Can some one shed a bit of light on the flip senario.
I am in WA and have an option to buy a property at an under market price and I think I could get a settlement date of arround 10 weeks.
Q1: I understand that you on sell with settlememt on the same date but does’nt the title have to transfer to me before I can on sell and if so I will need to come up with the $$[?]Q2:If it is possible to on sell on the same day without putting up the $$ will stamp duty apply.[?]
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]First time out for me great site.Welcome [
]I have never done a flip but I understand that in Qld it is possible to have a contract with buyer 2 to pay vendor 1 on settlement, meaning you don’t pay a penny and it’s just a paper transaction that the CoT went into your name on it’s way to buyer 2 – a conveyancing firm is probably the best place to ask. In Qld you as buyer 1 do have to pay stamp duty though – other states don’t, conveyor will know.
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Mel
[email protected]You must pay stamp duty
A real estate agent recently went to jail for not paying stamp duty on flip deals.
]First time out for me great site.
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