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  • Profile photo of LokkiLokki
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    @lokki
    Join Date: 2009
    Post Count: 9
    March 25, 2009 - 1:42 am

    Hi Richard,

    Noted on the contracts, I'm gonna have a deeper look into it and post some more info.

    Do you know how double duty works at all in just a regular options deal??

    Also, the bank is fine with the finance as long as it can account for the full purchase, I actually work for CBA, so as long as there is proof that the deposit can be accounted for, then it is fine.

    Thank you for your feedback, I appreciate the critique. of anyone else has any more info or material regarding property options please let me know. would love some books etc on these.

    – Lokki

    Profile photo of LokkiLokki
    Member
    @lokki
    Join Date: 2009
    Post Count: 9
    March 24, 2009 - 6:26 am

    Thanks for the input Richard,

    In response to the first question:
    Am I able to use the purchase price of $350k on the contract of sale, with a condition that $290k is paid to the seller and the remainder paid to myself??

    I have spoken to a property lawyer and he is checking out the legalities of that now. If I am able to, that means that I should be able to calculate the stamp duty etc on $350k and the scenario should work, as well as only having one duties charge.

    Does anyone know how options work in regards to duties?? As the lawyer I contacted said that double duties would be paid in a normal "buy under option and sell for a profit" scenario…

    I've read some interesting material from Mark Rolton and Sean Summerville regarding this, and it would seem to me that they escape this double duties cost…

    Any info would be great.

    Thanks again!

    Profile photo of LokkiLokki
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    @lokki
    Join Date: 2009
    Post Count: 9
    March 24, 2009 - 4:57 am

    bump

    Profile photo of LokkiLokki
    Member
    @lokki
    Join Date: 2009
    Post Count: 9
    February 25, 2009 - 12:43 am

    Thanks for your post Daniel.

    Who was it that you found that you liked?

    Profile photo of LokkiLokki
    Member
    @lokki
    Join Date: 2009
    Post Count: 9
    February 24, 2009 - 10:02 pm

    Thanks for the response. On having a further look into some old threads I found these:

    Nancy Keep

    http://www.nancykeep.com.au  

    Michael Diamond of Diamond Partners –     0412 399 499
    8 Rosemont Ave
    Caulfield VIC 3162  

    MJ Unwin & Associates in Kew
    PH: 9854 6317
    EM: [email protected]

    Can anyone comment on any past dealings with these accountants??

    Thanks

Viewing 5 posts - 1 through 5 (of 5 total)