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HI guys, thanks for all your replies, it looks a lot more involved then I originally anticipated. Please ignore the original thread. Thanks again for your feedback!
From what i understand the banks won't do a top up on loans within 6 months of settlement, some require you to wait for a year, but the experts in this area will probably answer you further on that one.
With your second option, HTW (Herron Todd White) are one of the valuers most banks use. You could order your own valuation through them and the bank will charge you approx $90 to audit it, if they are happy with it and provided you meet their servicibility and other criteria then they will honour it, but again, I'm not sure if they would within the first 6 to 12 months. After a year I'm sure they'll be fine. The other option is to go to a different bank if you want to get access to the equity within the first 6 to 12 months.
Hey Hans, yeah i guess that's the risk you take if you're not able to settle ie. in the case you don't have the full deposit or can't obtain finance.
Terry, Paul, you seem quite knowledgable in this area. What's your thoughts/advice on the 'marketing' of options to purchase to the vendor… that is – when selling the idea to a vendor, what proposition do you put to them? I guess in a normal property sale a deposit is paid, how do you go about avoiding this? I would think that you'd have a lot better chance in a buyers market, where the property has been on the market for a while and the owner is prepared to take any type of offer, but how about in a sellers market, would the payment of some type of a deposit be consdiered a 'purchase' rather then an 'option to purchase'?
Hi Paul, Thank you for the advice, I'll be sure to contact Lewis. I called a couple of lawyers last week but didn't get far. What do you mean by a 'lease'? Is this in the event you're paying a rental fee on the property to the point you want to onsell the option?
It's fantastic when someone puts it in plain english, thank you so much, i was struggling to differentiate the 2. And thanks for the links!!! Off to do some reading!
Hi guys
Thanks for your replies, I'm investing in VIC. I'm not quite sure as to the legal vehicle I need to use for the strategy I'm planning on following. In brief, I'm thinking of renovating houses and using some type of an agreement to control them through the renovation time and then finding a buyer for them. I've been looking up put and call option agreements and also Option to purchase… are these the same thing? Could I use one or the other? Do they incur stamp duty in VIC on just the option fee? or is there something else I could use?Hi J-Iou
I'm starting something similar to what you're discussing above. Was wondering if you could help me.
You mentioned stamp duty is payable on options in some states. Do you know what stamp duty is payable in Victoria on options? And where do i get an options agreement? Any lawyers you could recommend?
