I have a technical question about subdivision and the title registration process.
Let’s say Mr A and Mr B bought a block of land together and subdivided it into two lots, “Big Lot” and “Small Lot”.
Is it possible to assign only “Big Lot” to Mr A and “Small Lot” to Mr B? When does this separate ownership title take place? Will there be any stamp duty implications for Mr A and B?
Assingment needs to occur at the time of purchase by the parties entering a deed. Failure to do this will mean there is a transfer from A and B to A and from A and B to B. Stamp duty, CGT and GST may apply.
Let’s say settlement for the original full block hasn’t occurred yet. Can parties A and B still do this to ensure they don’t pay associated taxes and duties twice?
How exactly do A and B enter into a deed? Do they go to a lawyer to do this? If so, what costs can we expect?
Sorry to bombard you with all these questions, settlement is in a couple of months and there is still time to amend the purchase contract if necessary.
This reply was modified 9 years, 7 months ago by Noobugawa.