Hi I have bought a house and a half of a duplex in Qld. 1 purchased under 200,000 the other for just over. (Used 2 diff agents)
Agent that sold me duplex half says other half of duplex will sell (let me have the first offer)and was asking about the other property I had.
Can you answer A and B please?
A: He has come back and offered me $54,000 higher than I paid on the property that I haven’t yet settled (14 Feb settles).
B: What about C/Gains etc
If I decide to sell does anyone know how this is done before 14 Feb..[blink]
Thank you
Jenny1
Hi Jenny1,
From the sounds of it you are talking about flipping the property – meaning that you will onsell the property prior to taking formal ownership of it.
In that case, you will still need to pay stamp duty, but your solicitor will organise a similtaneous settlement meaning your purchase and sale will happen on the one day.
You will therefore receive a cheque on settlement, being the profit less stamp duty, fees, charges and costs (as applicable).
Just do the sums to make sure you know what you will walk away with.
As far as tax goes, there would probably not be a CGT discount as you will have owned the property for less than 12 months.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Just make sure your buyer can settle on the same day as you, or you will be in need of a loan to settle.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Thank you Steve/Terry for your advice all taken on board.
Cheers [biggrin]
Jenny
Jenny1
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