All Topics / Finance / What finance for Selling property at settlement?

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  • Profile photo of Mark MMark M
    Member
    @mark-m
    Join Date: 2003
    Post Count: 3
    August 3, 2004 - 7:20 pm

    I puchased a ‘Put and Call’ option to buy a unit off the plans in 2003. It is now time to exercise my put or their call on the unit. I have engaged a realtor to try and sell the unit.
    Completion and settlement is due around Jan 2005.
    Question is if I find a buyer to purchase off me immediately after I settle – what sort of finance do I need to arrange to cover this type of deal?

    In effect I will be repaying the finance immediatley on starting it, so what want something with minimal fees.

    thanks

    Mark

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    August 3, 2004 - 9:05 pm

    If settlement is simultaneous then youmay not require any finance.

    This is more a question for your solicitor.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 3, 2004 - 10:39 pm

    Simon is right in his assessment.

    Just bear in mind that if your purchaser fails to settle with you on the right date then that does not let you out of the contract with your Vendor.

    Depending on the circumstances your Vendor may not allow an extension to the settlement time.

    Cheers Richard
    richard at fhog.com.au
    http://www.fhog.com.au

    There is no such thing as a problem.
    Just a solution waiting to be found

    Richard Taylor | Australia's leading private lender

    Profile photo of Mark MMark M
    Member
    @mark-m
    Join Date: 2003
    Post Count: 3
    August 13, 2004 - 4:01 pm

    Thanks a heap for information guys – will chase that avenue for sure.

    One more question – is there anyway that the 3 way deal can be structured so that I don’t have to pay the 10 grand stampduty. I guess I will probably have to get someone look over the my contract and see if it can be modified and then put have a separate contract with those that purchase of me?? (should I repost this Q somewhere else?)
    thanks

    Mark

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 16, 2004 - 1:59 am

    You could possibly have your contract rescinded and get the end purchaser to enter into another contract directly with the original seller. But watchout as you could be cut out, so check things carefully with your solicitor.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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