Hi,
I’m selling a property at the moment (due to settle later this week). The buyer has asked us to rescind the contract so that she may take advantage of the new stamp duty rules.
I’m a little averse to doing this without something in it for me. I’ve heard others (John McIntyre from NSW Law Council) say elsewhere that splitting the stamp duty saving between vendor and buyer would not be a bad thing.
Currently the buyer is steadfastly refusing to consider splitting – so at the moment I have no intention of rescinding the current contract.
Just wondering what others thoughts were…
Cheers,
Gavin.My thoughts would be that the buyer wants a favour to rescind the contract so that they can make an opportunistic $ and isn’t prepared to share it. They are in a position of weakness so don’t be bullied around by their selfishness…. always leave a dollar on the table for the next person!
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To me they are just being greedy … They signed a contract and our now asking you to help them gain money they weren’t going to get but without sharing any with you!!
Stick to your guns, you aren’t doing anything illegal and what garauntee is there that would actually resign??
wejons1
Well, I’ve been informed through my solicitor that the buyer has no wish to split the difference – so I’ve told him to proceed with the original contract – meaning the buyer has to pay the full stamp duty amount. Talk about cutting your nose off to spite your face…!! [biggrin]
Cheers,
God, pocketscience- can’t you extend the settlement period until the new rules apply? What will it cost you? I am sure it will make the new vendor happy and it won’t bother you too much at all.
kay henry
What would it cost me? Extra legal fees, extra running around and the general nuisance of it all. I’ve no intention to put myself out (especially out of pocket), for anyone – and I wouldn’t expect anyone to do that for me. There have already been extra solicitor hours that I can’t recoup. Would you really do that just to keep a buyer happy? Why should I worry about her happiness?
She had the chance to save herself a lot of money – but chose to be selfish about it. All she had to do was throw me a bone (cover costs even) – but in the end it was her call. So be it.
Rgds,
Well, pocket, you did ask other people’s thoughts, even though you seem to have your mind set. If you were hoping for people to agree with you, then you have got what you were hoping for, mostly.
Your initial post mentioned nothing of your extra costs, and just mentioned you wanting her to split her stamp duty rebate.
kay henry
I agree, you’re being the greedy one. You are still getting the same money that you agreed to sell it for. She would still be buying of you for what she agreed. The saving is stamp duty being paid to the state government. That’s not yours, that’s her saving.
I’m sure if you asked her to pay for the costs of breaking and rewriting the contract again to cover your out of pocket for doing the right thing by the vendor,she would gladly comply.
As for sellers trying to make 50% of the stamp duty savings, I find it’s exactly what is very bad about the property market at the moment. Out and out greed. Let the buyer keep the extra money in their pocket that would have otherwise gone to Bob Carr, the very man most people on this board have been screaming in hatred about.
Flame away if you wish but you asked opinions.
Hey Pocketscience…
You look familiar, where have i seen you before ??
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