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Your counter offer could be a 2 part deposit.
$500 when buyer signs contract
balance at this date or event
Make sure that the combination of the 2 covers the agents deposit and the date happens before the event that triggers the agents commission being payable.
D
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I agree with Terry. Your advice thus far sounds interesting to say the least, suggest you seek other opinions.
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Thanks guys
Much appreciated.
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A Deed of Variation is the normal way to document this. Terry is spot on as always, it could be a resettlement which will could have duty and taxation implications.
are you both appointers?
You need specfic advice on this. Go see Terry if you are in NSW he is all over this stuff.
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You can get $5m 80% of total development costs without presales but is going to cost you 11-13% depending on the lender.
I don't do anything with presales but have seen several clients have issues with them, it is not the presales themselves per se it is just that the loans that require them tend to have lots of conditions and I have seen them move goal posts mid development and it gets messy.
Better question for a broker really.
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Finance is a big thing.
Stay away from anything that requires presales and just going with things you can do with a normal residential lend.
You can do small proposed lot purchases in QLD where you can buy an 809m2 block and sell the 2 proposed lots off the plan before putting your DA in or even settling on the block. Vacant land is hard to come buy in Brisbane at present and are selling very fast.
D
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Hi Macca
Trusts evolved in England 500 years ago (ish).
It is possible to use Australian structures to own your units in the UK trust.
The legal structures are very similar but the tax treatments, rates etc are all different.
My Cousin owns
http://www.charltonbaker.co.uk/
a Chartered accountancy firm in the UK.
If you outline a few more detail of what you are trying to acheive here, I will answer what I can and then run it past him to answer more here.
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Hi JT7
All has to be National Consumer Credit Protection Act compliant now, so Australia wide. The main difference for us is we don't do the conveyance out side of QLD when exercised and we have to adapt the Power of Attorney Act references.
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Thanks Terry
We charge $1500, don't charge if it doesn't go through.
Timeframe depends on how busy the practice is. I have been running at a week or 2 lately but have employed an additional solicitor today so will be back to a day or 2.
regards
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Do you mean an option in a lease
Or a rent to buy type agreeement.
Depends on your relationship with solicitor, where they in their workload, court time etc.
Normally a few days if it is urgent.
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Company is not usually a good idea for property holding.
Make sure you have an extensive unit holder/ shareholder/ JV agreement
sounds interesting
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Council areas are all different in QLD.
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I have had quite a few clients run Toowoomba properties past me for similar developments. None have progressed yet as the figures haven't added up for them, but that doesn't mean that this one doesn't.
Is there a land component in that?
What is the JV agreement like.
Are they using partitioning so that you end up with the townhouse in your own name/entity without stampduty CGT GST implications or is it that you are able to buy it at that price and then you will be losing out on return by having to pay those items.
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Which council area are they in?
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Yes,
Both for my self and clients. Sometimes and option contract scares the seller and in those circumstances we just use a heavily amended standard REIQ contract with lots of conditions and a long settlement.
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In Brisbane City Council where there is no direct street frontage, eg battle axe block, we have had to put in a pit in the footpath, a pit at the other end of the access way and then conduit of sufficient size to carry the cables.
D
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Hi Nathan
A lawyer who does options would be the best bet.
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Hi Matt
The 2 lots means you don't have to pay infrastructure contributions for the second lot, up to $28k in QLD.
Fees.
Town Planner $2200
Surveyor $3-$5k
Plan Sealing $1k
water & sewerage $1-$10K each depending on whether you need to cross roads or not.
Underground power and telecoms possibly also.
D
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I have mutual clients with Shahin and his clients do rave about him.
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Chris Wheatley at AB accountancy [email protected] knows his stuff and is very good to deal with.
Tony Lee from Lee & Lee has developed a lot himself and is more of an agressive growth typy accountant. [email protected]
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