I have a villa I purchased off the plan 2 years ago that I've just been notified will settle around end of Oct/early Nov. To my knowledge, if I can find a potential buyer that uses the same conveyancing agent as me, I can have a simultaneous settlement and escape with only paying stamp duty, legal and agent fees (and hopefully make a little profit).
Is this the case, or have I been advised incorrectly? This is what I'd prefer, as our financial position is now not the same as it was 2 years ago, and I'd prefer to not to follow through with settlement, though this would be preferable to losing the deposit and being sued!
Any advice on info for this, or the way I should approach it? Or anyone that wants to buy a 2×2 brand new villa in Maryborough Qld!?
A simultaneous settlement is the same as a sale and the only difference if they are both on the same day means you will not have to pay interest on your financing.
You will have to pay normal stamp duty, legal for the buying and selling and agent fees (if the agent sells the property for you).
The fact that you are using the same solicitor as your potential buyer has no bearing on the deal.In your position you probably need to have your finance arranged even if you dont take it up as if your buyer defaults you are still liable to settle on your required settlement date.
In cases like this I normally buy using a Call Option which elminates the Stamp Duty in Qld however obviously this is upto the Buyer to accept such an agreement.
Richard Taylor | Australia's leading private lender
G'day mate,
Can you please let me know what/where/how much for the properties. My contact email is [email protected]
Cheers
Marc
You must be logged in to reply to this topic. If you don't have an account, you can register here.
