I am looking for a mentor who can teach/assist me in doing assignment of contracts in sydney, regardless of whether they have done them in Sydney or not.
Any other knowledge/thoughts on the matter would also be greatly appreciated.Thank you in advance.
Get a book called flipping properties by William Bronchick at businessmall.com.au. It’s an American book, but still very relevant.
I think you must have been reading american books. What do you mean by assignment of contracts? If you sign a contract for sale and then onsell you will be up for stamp duty. In NSW you cannot swap a contract to someone else that easily. If you use and/or nominee, then it may be possible in limited circumstances, but also be careful of the state revenue office – you could be up for stamp duty too.
If you sign a contract, you can always ask for the vendor’s permission to ‘tear it up’ and enter into a new one with the new purchaser’s name, and then collect a fee from the new purchaser.
Be wary of american stuff, a lot of it is crap.
Terryw
Discover Home Loans
North Sydney
[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
Thanks for your feedback Terryw.
Assignment of contract is the australian term for “flips” in the U.S. This is where in Oz we use “and/or nominee”. As you have stated, it’s not that straightforward in NSW & compared to other states as I have been informed. Which is why I am seeking the knowledge/experience of someone who has done them before, particularly in NSW.
Thank you for your advise & I welcome any further knowledge on this matter.Frodob
Thank you for your post G7.
I will check out the website/book. Anything else you wish to add would be much appreciated.
frodob
Hi frodob!
Tony Cordato is a lawyer in Sydney who understands lease options and wraps and I am guessing it would be worth your time talking to him about assiging contracts also – I got this number out of the white pages so it should do the trick…(02) 9290 2773
Cheers,
GregHi,
I work in conveyancing I’ve seen people get away with paying double stamp duty in two ways:
1. adding “or nominee” in the contract, which could mean that you would have to pay extra money to the Vendor solicitor for drawing a new contract.
2. Drawing a “put option” contract. But this is complicated and would incurr extra legal fees.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
