Currently have an impending settlement on a property where I signed in my name with an and or nominee on the contract. I was advised by my solicitor that this was OK and when I got back home to NSW and sorted out accounting advice, it could be changed as required to my JV partners entity (already established) easily. I was advised as we have a JV contract that still shows my involvment with the property it would not be an issue.
Contracts were changed and resigned 2 weeks ago, for settlement tomorrow (now delayed until next week). I recieved a call from my solicitor yesterday saying that he had recieved a call regarding stamp duty and that we would now be up for double stamp duty as there wans't a deed of recission (?sp). Apparently this was to be lodged by the selling agent. Just recieved an email from vendors solicitor with such deed to sign and a $500 invoice for the effort!!!!
Does this sound correct. Anyone with preious experience or knowledge would be greatly appreciated.
Cheers
Tammynot sure why this disappeared off the active topics page but I need to bring it back to see if anyone out there has any advice.
Cheers
Thttp://www.somersoft.com/forums/showthread.php?t=36546&highlight=nominee
HI there
you may like to look at the above link as the issue was discussed.It does sound as if the advice you are receiving will avoid double stamp duty – despite the costs
thanks
Thanks raddles,
This still doestnat answaer the question of how is the and/or enacted easily and without cost as I was advised? Apparently it was because of the initialled change of name on the contract that raised the eyes of the stamp duties office. Why, especially given it was a computer generated form in the realty office, couldnt a new contract with same dates but different date have been printed off?
Cheers
Tammyanyone?
Hi Tammy,
Hate to say there is little way around the double stamp duty in Qld if you have now got to exchange of contracts.
(I am assuming you are meaning you have gone unconditional as we dot actually have exchange of contracts in Qld).There is only one way around the change of names on the Contract and that is through a Letter of Assignment but regretfully it you have missed the boat if you have got to going unconditional.
It is a hard lesson to learn especially if your solicitor has given you incorrect advice.
All i hope is there is enough fat in the deal as the second duty and possible CGT may hurt the bottom line.
Richard Taylor | Australia's leading private lender
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