Hi again to you all.
The SRO wesite Vic states
The purchaser or transferee is liable to pay the duty within 3 months of settlement.
Is there any one out there who utilises this function, or does everyone just pay as per their conveyancers/solicitors advice?
Do I just advise my solicitor that I wish to pay later, instead on settlment date?
Cheers
KarenHi Karen
People who buy the homes with a vendor finance Instalment Contract are very happy with this requirement. With an Instalment Contract, contracts are exchanged but settlement doesn't take place for anything from 5 to 30 years. Of course, in the meantime, the buyer has to pay instalments to the seller but Stamp Duty is still only payable within 3 months of settlement. Needless to say, vendor financiers are pretty familiar with this Victorian ruling.
In NSW Stamp Duty is payable 90 after "exchange" and in Qld, 30 days after "exchange'.
I'd suggest the only thing holding you back from paying 3 months after settlement may be your lender. If they are happy to settle without Stamp Duty being paid then I can't see anything to hold you back.
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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