Is Flipping illegal?

Viewing 6 posts - 1 through 6 (of 6 total)

Chtulu
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@chtulu
Join Date: 2003
Post Count: 7
January 19, 2005 - 5:11 am
I ran a search for this, and found it wasn’t, but I’ve always been led to believe it is, what’s the deal?
Thanks
David.
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
January 20, 2005 - 1:31 am
Why would you think it is illegal? How could it be illegal to onsell a property?
Terryw
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FFComm
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@ffcomm
Join Date: 2004
Post Count: 627
January 20, 2005 - 1:45 am
In some states you might need a licence, but thats about it…
And no it’s not illegal. And anyone who tells you it is has never been to Harvey Norman before (where they buy very low and sell very high).
Rgds.
Lucifer_au
Terryw
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@terryw
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Post Count: 16,213
January 20, 2005 - 2:37 am
Oh, maybe David is talking about ‘bird dogging’, in whihc case you would need a licence in many states including NSW.
Flipping is buying a property and onselling before settlement. Some people try to do it using ‘and/or nominee’ on the contract and then nominate someone else. THis is not illegal, but back dating nominee agreements to avoid stamp duty would be.
Terryw
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Mortgage Broker
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
January 20, 2005 - 2:55 pm
Thank god its not illegal.
If they outlawed it I couldn’t face having to go back to work.
Cheers Richard
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Chtulu
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@chtulu
Join Date: 2003
Post Count: 7
January 21, 2005 - 5:36 pm
Thanks guy for the help. Flipping has always been the most interesting way to make money for me, and I’m considering doing it one day, just wanted to make sure.
Thanks.