All Topics / Help Needed! / Can I sell my contract of sale to another buyer?

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of EllaHaddadEllaHaddad
    Member
    @ellahaddad
    Join Date: 2012
    Post Count: 3
    September 25, 2012 - 11:57 am

    My situation is that I purchased a property off the plan and put down the 10% deposit now I am having trouble getting finance (contrary to what the bank initially said) so now I was wondering can I sell the property even though it's under contract with me? If so what is the process?

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 25, 2012 - 12:27 pm

    Yes, you can. But it won't be easy.

    Maybe talk to the same agent who sold you or another agent in the area.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of EllaHaddadEllaHaddad
    Member
    @ellahaddad
    Join Date: 2012
    Post Count: 3
    September 25, 2012 - 12:32 pm

    Way makes this option difficult?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 25, 2012 - 12:56 pm

    What?

    It will be hard to market if it is not complete. You will not be able to show people through etc.

    There may also be other people trying to sell as well.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of PLCPLC
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    @plc
    Join Date: 2012
    Post Count: 400
    September 25, 2012 - 2:18 pm

    Keep in mind you will still be up for stamp duty, and maybe CGT.

    Cheers

    Tom

    PLC | Phoenix Loan Consulting
    Email Me | Phone Me

    Melbourne based Mortgage Broker | Making Finance Simple

    Profile photo of EllaHaddadEllaHaddad
    Member
    @ellahaddad
    Join Date: 2012
    Post Count: 3
    September 25, 2012 - 9:57 pm

    Hi Tom,

    Thanks for the reply. Stamp duty for the property is only $87 since its off the plan. Can you please outline the steps I could take to sell the property even though I've only signed a contract of sale? I don't want to lose my $25,000 deposit 

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 25, 2012 - 10:12 pm

    Are you sure the stamp duty is so low? What state is it in?

    steps

    1. get  a lawyer to review your contract

    2. get lawyer to prepare contract of sale

    3. find agent

    4. find buyer

    5. all settle on same day.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Marty McDonaldMarty McDonald
    Participant
    @marty-mcdonald
    Join Date: 2010
    Post Count: 64
    September 27, 2012 - 12:31 am

    It wont be $87 stamp duty for the new purchaser though? Not new once transferred once I would have thought.

    Have you tried other lenders?

    I would be doing this as well as talking to a solicitor about on-selling.

    Marty McDonald | Mortgage Experts
    http://mortgageexpertsonline.com.au/
    Phone Me

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