I bought a land by give 5% diposit and put and/or nominee under my name.
now,i find another buyer to take over this land.This land will be setlling at august.If i sale this land before the land settlement,what do i need to do?
fristly,Do i need to pay stamp duty?secodly,after i get the 10% diposit from purchaser,how i get the other part of porfit from purchaser.
eg,the land original price is 180,000,and my selling price is 220,000,i can get the 10%diposit of 220,000 is 22,000.after this,what procedure needed to get the balance is 220,000-180,000-22,000=18,000
(the purchaser need to get their loan.)finally,what a paper work need to do?do i need make a new contact or just make a form of nominee.
Hi Baobaolover
Yes, it is likely that there will be double stamp duty, i.e. both you and the new purchaser will have to pay stamp duty.
I suggest you take your contract to a solicitor or conveyancer and tell them your plan. Solicitors and conveyancers are doing this every day and it will be very much easier for you to get them to do it, as they know all about the requirement to put deposits into trust accounts, etc, etc.
Cheers. Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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