All Topics / Legal & Accounting / Trust, Offer & Stamp Duty

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  • Profile photo of avranjesavranjes
    Participant
    @avranjes
    Join Date: 2003
    Post Count: 58

    Hi there,

    I have made an offer for a property which has been accepted under my & partners name or Family Trust. Now at the point of making the offer the trust had not been setup, because of this I am being told I may have to pay twice the stamp duty.

    I have been told that if I put down “or nominee” then I can declare the name after the offer has been put in.

    What are my options now? I want to put the property under the trust name, but obviously do not want to pay twice the stamp duty.

    I am in WA.

    Thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Talk to a solicitor before signing the contract. I don’t know if it works in WA, but in some states signing and/or nominee can work. In other states it only works if the trust is already set up.

    You could also get the vendor to cancel the old contract and issue a new one in the relevant name.

    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of avranjesavranjes
    Participant
    @avranjes
    Join Date: 2003
    Post Count: 58

    hi terry,

    thanks, so if the seller agrees to rip up the old contract and then we write a new one, after finance is approved and it has gone to the dept of state revenue, this is ok? Then do i need to tell the dept of revenue of this?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    If you tell the SRO about issuing new cotnracts, they may make you pay the stamp duty twice. Talk to a solicitor before doing anything.

    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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