Hi tesbs

As for Tiger I am looking for a reliabile birddog myself as I am a mother of 3 young children and finding it hard to get started due to my responsibilities. I have contacted agents buyers via email, most of whom don’t bother to get back to me.

Which state are you from and which state have you found the deal?

Regards
Shelley (ss2306)

PW

I myself have purchased 2 put and call options for land in the last 12 months. whilst they can be profit makers they can also be a pain in the backside. From my understanding (and I am no professional) there are two ways you can onsell the option

1 You can onsell the option for a stated price eg $10000. The purchaser pays you this fee, a letter is sent to the original vendor advising that the option has been taken over by someone else. The purchaser then takes over you option to buy the property under the same terms as you had eg settlement on or before 42 or whatever days post registration (in the case of land). The purchaser only then pays stamp duty on your purchase price. You get your money quicker but the purchaser knows how much you paid for the property.

2 You can advise the original vendor that you wish to have the option rescinded as you have found another purchaser. The new purchaser then goes straight to contract with the original vendor and pays the full price (original purchase price plus option price) and stamp duty on this amount. You don’t get your part of the money until settled. This sometimes incurs extra gst which you have to pay on the difference in purchase prices.

Make sure you have a solicitor that knows about put and call options as ours didn’t and we went round and round in circles (stressful and frustrating).

Can be a good thing if you pick a good property, one that will be easy to onsell but if you pick a dud as in our second purchase you have to go through with settlement.

Hope this helps

SS2306