i need some help understanding how to sell before settlement. what is the process? If i find a buyer do i require a separate contract or do i change the name on the original contract? what happens regarding the deposit? what happens right on settlement?
As far as I am aware (but am really not too sure), that the buyer you are on-selling it to takes title or goes under contract on your original settlement date.
Unless you have put an “and/or nominee” clause into your original contract, then I think, the new purchaser can just assume the original contract.
Someone might now better though…
Pete
…Beware of the dreamtakers…
I was trying to do this in Victoria and had to have another contract drawn up. In the end I never went thru with it.
You also must get finance arranged just in case they don’t settle (for whatever reason) on the same day. If the vendor give a notice to recind, you will only have 14 days to settle, and this is not enought time for a bank to do it.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
[?] If the person you on sell too cannot settle with you, you would be able to cash there deposit correct?
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