I am in the process to buy three houses but I am not sure in whose name. So while signing contract I need to mention about nominee. Please help in this regard. What are the implications of keeping option of nominee in the contract? Do I have to fill up any form and submit to goverment so to avoid any double stamp duty? Please help.
Sincerely,
viralkIt depends on the state your property.
In Vic, you must enter into a written agreement with the nominee before you sign the contract of sale. If not, then double stamp duty will be payable. In other states it may only apply for related parties such as spouse and a person nominating their own trust or company.
Check with your solicitor.
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
Viralk, We just did the same thing (not with 3 houses though).
We signed in our own names and included a nominee.
We had a change of plan. My Dad said he would like ot buy it so we rang the solictor and REA to say we were going to exercise the nominee clause and nominated my Dad. The solicitor sent us a form to sign to say what we were doing and that was that.
Your solicitor should be able to help you.
By the way we are in QLD.[medieval]
Matt
You must be logged in to reply to this topic. If you don't have an account, you can register here.
