Forum Replies Created
- fishngym wrote:
Yes Linar,
I absolutely agree. In QLD, the spousal transfer duty exemption is only applicable when transferring the title into joint tenants or tenants in common 50/50.
It will not be applicable when trying to remove a name completely.
What about from 1 defacto of over 10 years who is working to the other defacto who is not working.
This is on an IP which has now become unencumbered so has lost its tax advantages to the worker and owner, so want to tranfer to the one who is not working to minimise tax.
CF+
WJ Hooker wrote:In Australia, you need to put down some sort of deposit after you agree on a price. Theory says 10%, but usually 5% or even $100 if you can swing it, law says if you pull out without valid reason you loose 0.25% ( unsure at the moment if its off your deposit or full price – think its full price – but if you only have $100 down then that's all they can take – I think, please correct if wrong someone thanks.
Yep, even purchased once and exchanged contracts with 0 deposit and pulled out during the 5 day period after doing DD.
Agent made noise about the .25%, but it was only noise, other agents may be willing to push harder.
Plenty of info here
CF+
Valuations are based on previous sales in the area of comparable property
During the last cycle I purchased property for a slightly higher price than Bank valuations, but this was at the beginning of the cycle, after many years of property stagnation, and it was property that value could easily be added to with minor reovation and future subdivision, so a slight premium was worth it, and has paid off many times over
Now, we are arguably in a falling market and property may well drop and stagnate again for a period.
If a property does not stack up on valuation, it would likely be because comparitive property in the area has recently sold for LESS indicating a falling market.
The price the vendor is asking may be the price they sold for in the peak of last year, but things have changed, as you are seeing.
Looking at the world financial situation , I would suggest that there is no rush to jump in as there may well be further drops in prices and interest rates, followed by stagnation for a bit.Sometimes its worth listening to what the banks and their valuations are trying to tell you.
Happy Hunting
CF+
Good for you for thinking about your future wealth at an early age
BUT,
* What about enjoying your life a bit first, cant be to much money for fun after paying a mortgage on a part time job.
* Furthering education, this can lead to a full time job and increased dollars making your investment journey easier.
* Reading the books is a must, but I would also choose some that dont have "RICH" in every titleI would suggest these as well, more realistic reading and not a mention of "RICH" or pictures of Red Ferraris on the title page anywhere.
http://www.propertybooks.com.au/lomas_margaret
http://www.somersoft.com.au/books.htm
Good luck
CF+
