Hi,
If you onsell an OTP unit prior to settlement, is there a way of doing this as to not be on the title? I am asking this as we are looking at all our options, this is one of them, but we would like to keep our FHB benefits i.e. stamp duty exemption.
I know we can still get the FHOG, but we want to keep our stamp duty exemption, and we cant keep this if we have had an “interest” in a property i.e name on title (I believe).
Thanks for the advice, this forum is a real help to me and my wife at the moment.
Andy
To sell something, you must first own it. So I don’t think it would be possible if you’ve already signed a contract. If not, maybe you could get an option on the property and sell the option.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
hi..thanks for the reply…a conveyancer mentioed we may be able to onsell the unit by “transfer by direction” or something along those line…has anyone heard of this method?
What state are you in?
You could also get the vendor to cancell their contract with you and issue a new one to the new purchaser with you collecting a fee from them. But this may be illegal, and the vendor would not do it for free.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
I’m in NSW…thanks for the suggestions – I need to find out if thats legal, yes.
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