I have found a property which I would like to purchase which goes to Auction in approximately two weeks. However, I am have yet to determine the Trust Structure I shall be purchasing the property under. I have an appointment with the accountants next week. My question is, when you purchase at Auction and you have to pay the deposit on the day, is there a facility where the name to be entered onto the Contract can be delayed until the final settlement of the property 6 weeks later.
Hoping someone can help.
Thanks [confused2]
Nikki K
The answer for Victoria is yes you have and or nominee at the end of the purchasers name. However there are now serious stamp duty issues with using a nominee clause in Vic and if you are not careful you might be up for double stamp duty. Best to check it out with a solicitor
what are the stap duty implications with using the nomanie clause when buying a property ?
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
The answer is Qld is NO.
You will trigger a double stamp duty payment by changing the nominee on the contract.
You could in Qld use a nomination letter as long as this was minuted and date prior to signing.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Originally posted by Property Passion:what are the stap duty implications with using the nomanie clause when buying a property ?
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
If the trust has not been set up (or you did not have the intention to set it up) prior to the purchase, there is a deemed on-sale of the property from the initial purchaser to the trust (or actually the trustee) This incurrs stamp duty so you end up paying double stamp duty.
A trustee company and a trust can be constituted in 24 hrs, so see your solicitor or accountant first and get your structures correct before the auction.
Otherwise it could be very costly.
Michael Yardney
METROPOLE PROPERTIES
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