Hi,
We recently were too slow to purchase a neighbours run-down property(it has just exchanged), & we understand that a builder has bought it, we are thinking of approaching the builder to see if they would consider a quick sell to us(at a very good profit for them) possibly before the property settles in about 26 days.
Does this sort of thing happen?
If so, would only one stamp duty be payable?
Could all parties simply agree to put our names on the contract instead of their name & pay the builder a privately arranged payment?Or would we have to wait until they settle on the land, then attempt a purchase from them (the builder)?
Thank you for any replies
J
if the property has settled with the builder then stamp duty would be payable twice when you buy from the builder.
This can happen but I think the contract has nominee placed on it but varies from state to state see last link.
read links below for more information on this situation
http://www.blakedawson.com/Templates/Publications/x_article_content_page.aspx?id=60369
https://www.propertyinvesting.com/weeklywords
http://www.harwoodandrews.com.au/publications_bulletins_detail.aspx?view=89
https://www.propertyinvesting.com/forums/getting-technical/legal-accounting/24486You generally cannot nominate someone else without stamp duty being paid again – unless, perhaps, if you have a written agreement before the first contract was signed.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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