When buying and selling a land, is the process the same as buying a property? Do i need to pay GST, Stamp Duty, etc for land as well?
I am thinking about listing that land i put offer on last month, to go for sale, to get some cash deposit. Is it ok (legal) to sell a land that i have put an ofer for and paid deposit for, but not reached settlement yet? I mean, i can put an ad for someone to buy it from me and give me a deposit now can;t i? Do i need a solicitor?
Fullout
Yes you will have to pay stamp duty and CGT on land.
You can try and sell the land you have purchased before settlement, but I don’t know about the deposit. If you are using a real estate agent, you won’t be able to get the new buyers deposit until settlement as it must go into their trust account. I don’t know what happens if you are selling it without an agent.
Terryw
[email protected]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
Fullout,
GST doesnt apply to new land, CGT will be payable, and stamp duty will be payable regardless of the property type, as it is paid on the contract itself.
As for the reselling, there is nothing illegal about making a private agreement with another buyer. Just be sure to disclose everything to them.
David Femia
Femia Property Group
Property Investment Consultants
http://www.femiapropertygroup.com.auTerryW is right about paying GST and S/D.
The deposit will also go into a trust account held by the agent.But in Victoria you can access the deposit before settlement if you sign a Section 27 form with your conveyancer.
A copy will be given to the agent when you sell, and you can get the 10% deposit after 28 days.
is this quentin the chinese massage doctor??
Implementor – uhmm, no it’s not.
You must have me mistaken for that Chinese guy that studied medicine and does massage.
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