Hi there,
I have made an offer for a property which has been accepted under my & partners name or Family Trust. Now at the point of making the offer the trust had not been setup, because of this I am being told I may have to pay twice the stamp duty.
I have been told that if I put down “or nominee” then I can declare the name after the offer has been put in.
What are my options now? I want to put the property under the trust name, but obviously do not want to pay twice the stamp duty.
I am in WA.
Thanks
Talk to a solicitor before signing the contract. I don’t know if it works in WA, but in some states signing and/or nominee can work. In other states it only works if the trust is already set up.
You could also get the vendor to cancel the old contract and issue a new one in the relevant name.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhomeloans.com.auTerryw | 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 terry,
thanks, so if the seller agrees to rip up the old contract and then we write a new one, after finance is approved and it has gone to the dept of state revenue, this is ok? Then do i need to tell the dept of revenue of this?
If you tell the SRO about issuing new cotnracts, they may make you pay the stamp duty twice. Talk to a solicitor before doing anything.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Terry@discoverhomeloans.com.auTerryw | 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
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