We have some friends who signed a contract to purchase a block of land OTP.
Their circumstances have changed, titles keep being delayed, so they made the decision to sell.
They actually had it promoted to them by the land sales agent that they can help as they have plenty of people happy to do an ‘under the table’ deal of taking over the contract via nomination and then doing a cash deal on the side.
I know that they have proceeded via this manner and I know in which estate they purchased from.
Would this be something people would report to Consumer affairs (Vic) or MYOB?-
This topic was modified 7 years ago by
RMAA.
RMAA
Email MeDefinitely not to MYOB 😉
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
I’m one of these buyers. I was a buyer of a unit in NSW that was previously sold off-the-plan and then on-sold to me with an amount of cash given to the seller, as you say ‘under the counter’. Just because someone is paying in cash it’s up to the seller to declare this cash and maybe they do. The seller I dealt with was a business man and he declared this cash as income into his business (prior to GST introduction). My motto is – what goes around comes around when thinking about reporting anything or anyone to the authorities.
Anti money laundering legislation breached? Potentially serious crime.
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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