I attempted to have a 14 day settlement on one, in the end it ended up being 16 working days and I had to move the documents from one desk to another myself. Fortunately, all parties involved were located in the same area (Newcastle). I did end up haveing to pay a small amount of interest to the vendor but managed to have that split between the…[Read more]

if you "gift" a property the recipient is responsible for paying stamp duty at the market rate for the house. Whilst your idea does attract interest, you may find it would actually cost the purshaser more. I am guessing that you have increased the cost of 2 to cover the cost of 3 – yes? If this is so, the buyer would be paying stamp dutyon…[Read more]

In NSW, a contract is not binding unti it has been signed and exchanged. Until that stage, it is still a negotiation with the buyer able to pull out and the vendor able to sell to someone else even after offer and acceptance, hence some people think they have been "guzumped" even though they had not yet entered into a binding contract.As always,…[Read more]

Oh back onto the topic, stamp duty would be payable in NSW as well

Oh back onto the topic, stamp duty would be payable in NSW as well

may I suggest that you start with something a bit smaller. You will learn all the requirements and still be able to sleep at nighthere is noting wrong with doing 3 x 300K deals rather than kicking off with 1 x 1M deal.Just a thoughtMick

And in the same time period  I have done the same and made a profit. What is the difference? Perhaps it is good fortune but more than likely it is all the hard work I put into the Due diligence PRIOR to investing in the property. But you know this, you just persist in being a negative voice. We dont all look at the property market with rose…[Read more]

Honestly Scamp,If you can't be constructive, please go away. We are not asking for rose coloured comments, and all are entitled to their own opinion, however, the purpose of the forum is to leave it having learned a thing or two. And I am afraid that your post was very rude and of little benifit. I respect that your opinion is different but there…[Read more]

Hi Tony,Without understaning what your end goal is, it is very difficult to offer an opinion. Have you sat down and put pen to paper and worked out what you want to achieve in 2, 5 and 10 years time? This is not a backhanded comment, but a very valuable way to make sure all of your plans fit in with your expectations. The more certain you are with…[Read more]

Hi Steve,Thanks for sharingMick

Hang on, if you buy it when he dies, who are you paying the money to? Why dont you buy the property now with a nominal lease  in place effetive unti he passes away. That way you buy the property at todays price and he gets to stay there until he dies, and can actually use the money in the meantime. This may invove agreeing on a reduced price as…[Read more]

yes, but if the previous vendor was not GST registered (ie usual resi sale) then you may be able to apply the margin scheme (search ATO website for info). Also, as I was advised, if you make it a PPOR but it is previously documented that your intent was as an investment, then you dont get the PPOR exemptions. Watch out, check your figures and…[Read more]

Try a search for this on the forum. I know it has been asked before and there is a link to the ATO that would prove helpful. Alternatively, look up the ATO website.Goodluck withthe moveMick

Well that certainly leaves zero room for you to negotiate. Have you approached the priciple of the agency? What is the listed advertised price on your contract? Best to check that out first. If they have not honoured the contract then perhaps you can terminate the agreement (or at least threaten to) based on them not fullfilling their stated…[Read more]

HI Trustie,How did it all work out? Did you end up purchasing this property?Mick

Mot sure about the other states, but here in NSW, stamp duty needs to be paid within 3 months of the exchange, regardless of the length of the settlement. We had an 8 month settlement, opted not to pay the SD at time of exchange, and got it stamped ourselves at the Newcastle office at the 3 month mark.CheersMick

"A building/pest inspection satisfactory to the buyer" has always covered it for me

I live in a house on the golf course, have just finished building a second and recently sold a block of land fronting the course. I am not a golfer. My estimation is that it would be about half /half golfer/nongolfer  mix, predominantly owner occupier. Capital growth has been good, although slowed now, due to a new land release which will produce…[Read more]

was it used for primary production in that time? This will change your tax.

sorry,try email direct atzxcvbnm@y7mail.comCheersmick