- Hi
Can anyone explain what can be done for the issue of titles on a sub-divided property in a joint venture scenario so that participants in the JV can be issued with their respective titles where one party is not on the original title at the beginning of the project? The aim here is to only pay stamp duty on the unimproved value of the land.
For example, say party A owns a triplex site and JV's with party B to build three villas on the site. Party B is responsible to pay for the complete construction of the project. The deal is such that at the end of construction party A will retain the front villa and party B will retain the middle and rear villas.
Party A is more than likely not going to want to sub-divide their property into three strata lots and hand over two titles to party B at the start of the project for risk reasons, seeing as party B is not paying for the land.
Can the respective titles be transferred to each party at completion of construction and stamp duty not be paid on the construction value of the project?
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