Either could be done assuming equit and income.

No they can't do that unless If either one of them has met a condition of release they may be able to get a lump sum.

There is a condition of release met if:
1. over 55 years of age and work less than 10 hrs
2. financial hardship
3. temporary or permanent disability
4. terminal medical condition

There is usually a much higher commission for off the plan sales. They can be much harder to sell.

Just out of interest are you an Engineer or IT worker?

I don't know the law in QLD, but possibly. I would never recomend a client do this though. Don't exchange until set up would be my recomendation.

If the nominee isn't in existence at the time of the contract then it may be a problem.

Is there any stamping of the deeds in QLD? In NSW deeds can be stamped up to 30 days after execution, so you could set up a trust in an hour or so.

Not sure why you are talking about redraw facility?

Whether to took the $50,000 from the loan yesterday or 29 years ago it is still what that borrowed money is used for that counts. ie the $50k seems to be used for a private expense and will not be deudctible.

Furthermore if you increased the loan or use redraw (maybe this is what you mean?) the…[Read more]

Seek legal advice. Probably would be treated as a transfer so double duty.

moxi10 wrote:
In most cases the contract is "subject to finance", however there is usually a date, generally only a few weeks after initially signing the contract, by which time the purchaser must notify the vendor that they have organized their finance. Of course, there is no possibility of the banks guaranteeing to loan the money at the…[Read more]

washingtonbrown wrote:
Well the good news is – the Tax Working Group did nothing.

Depreciation is back baby!!

Regards

Tyron Hyde
http://www.washingtonbrown.com.au

This i typical of Gorvernment. Spend heaps of money doing all this and causing others to work making submissions etc and then nothing comes of it.

In this case it is probably a good…[Read more]

PLC wrote:
Hi Terry,

My sister bought vacant land last year which was onsold to her before settlement. The person who initially purchased it (about a month or so before) wanted to sell at a minor profit (which my sister accepted), but found out that if they did that, they would be liable for stamp duty which would have meant a loss. However…[Read more]

garmon wrote:
I thinks agent is a most important part of real estate sector… Because they have full information of real estate market. And they have full knowledge about property law… So they are very helpful for selling and buying property…And they also provide best guideline for property…

Full knowledge of real estate market?…[Read more]

PLC wrote:

Though I think there may be a loophole where you can get out of paying stamp duty if it is onsold for no additional consideration (i.e at the same price). Maybe Terry may be able to confirm?

Cheers

Tom

Hi Tom.

I have never heard of anything like this.

i_sun wrote:
How's that? I've bought this off the plan, hence stamp duty should be minimum right?! (from the purchase date)
But the buyer would pay the almost full stamp duty, assuming is 90% from settlement?

You are selling a property which is a dutiable transaction. Stamp duty would be assessed the same if it is (a normal sale which it…[Read more]

My fees are pretty reasonable I think. I tend not to charge hourly rates for the legal work and do fixed price agreements. For the mortgage broking side I generally don't charge, for the tax side I work with accountants who charge fixed fees for returns.

This may be an opportunity to get your structure set up 'right' so talk to a knowledge advisor first.

Posting links to american websites won't help if you are located in Australia.

Names on property dont really matter that much in divorce property settlement. Check out the family law act and the family law court website.
 Property of the marriage can be divided. This can include all property of individuals of the marriage including land, cash,…[Read more]

I work with http://www.houseofwealth.com.au who have opened up a branch in the CBD of Sydney (as well as Melbourne).

JacM wrote:
  Lawyers are not cheap.