I searched and found many references to and/or nominee on contract to purchase, but in NSW I’m not sure of the problems. It is possible finance in both names may have problems, so it would be nice to change contract to my wifes name only. Any experiences in NSW with using this clause?
Hi Maniyak,
The “and/or nominee” part of the contract of sale is used as a temporary measure until settlement. Basically you can put your name on the provided space, and just prior to settlement change it into both names, or just one. You can change your mind upteen times in the interim, however once the settlement is complete, the nominated name will be that which appears on the Certificate of Title.
As for NSW experience, I’ll turn the floor over to some of my fellow northerners to answer, I’m from down south (Victoria) or a “Mexican” as they call us, isn’t it??? [tongue]
Cheers,
Jo
Make sure you speak to a solicitor. In NSW you could be up for stamp duty again if you nominate an non related party. I think a spouse would be OK though.
Terryw
Discover Home Loans
Mortgage Broker
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
Thanks guys,
Found out it is easy to add a spouse’s name, little harder to take a name on off a contract. Nothing black and white about the topic in NSW.Doesn’t matter anyhow. Just got 11th hr GAZUMPED big time. [angry2] A slow death by listening to 1000 hours of ACA stories with commentry by J**man is too good for the average RE agent.
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