Difference between Purchaser and Nominee??

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gavsam
Member
@gavsam
Join Date: 2010
Post Count: 16
June 9, 2011 - 10:31 pm
Hi,
I've signed a Contract of Sale doc, and placed my wife as a nominee, the agent has said come settlement time it wont be a problem, that both my wife and I will equally own the house and be able to both use for tax purposes
Now I've rec'd from the Conveyancer aa Sale of real estate nomination form with me listed as the purchaser and the Nominees as my wife and I
Q. Should I be asking that my wife be listed as a purchaser too?? or as a Nominee is it fine.
Also rec'd a form from conveyancer to fill out – 'Transactions treated as sub sales of land Stat Dec' – our conveyancer has provided this for my wife to fill out and not me? why does the State Rev Office – require her to fill this in and not me aswell??
Regards
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 10, 2011 - 12:02 am
Your agent should not be providing legal or taxation advice. Make sure you try to get it all in writing from him, just in case he is wrong. I'd suggest you not use a conveyancer but a lawyer too.
A nominee is someone who you may nominate later.
The contract is in one name, but you want the title to be registered in another. This has stamp duty implications and if you do not get it right you may find that you have to pay stamp duty on the full amount and then your wife has to pay stamp duty on the half as if you are selling it to her.
So be very careful and get proper advice.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au