I purchased a block of land in Sydney last year in a new housing estate. it has since gone up about $100,000.
A clause in the contract says that I am not allowed to on-sell the land and must build within 18 months.
I was looking at on-selling as a house and land package. How could I structure the deal so that the purchasor pays the progressive payments for the construction of the home?
Also the house will not be complete for 12 months so does anyone have any creative ideas about the sale contract , like using options? Not quite sure how they work or what benefit an option can deliver.
regards,
k.Get your solicitor to look at the contract – there may be a way around it.
I suppose you could sell an option on the house, but getting them to fund the construction would be very hard.
You may or may not be able to wrap it (is sell on installments), but it would be very hard for a wrappee to fund the construction as they couldn’t borrow the money needed because the title would not be in their names.
Terryw
Discover Home Loans
North Sydney
[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
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