End of sandwich lease..i don't get it

Viewing 5 posts - 1 through 5 (of 5 total)

JasonK
Member
@jasonk
Join Date: 2002
Post Count: 29
September 27, 2005 - 12:25 am
when i sandwich lease and
> the option i have with the seller is $120,000
&> the option i have with the buyer is $140,000
what happens when the buyer wants to cash me out?
Do i assign the $120,000 to the buyer to save them on stamp duty and get them to give me a check for the balance? or what?
anyone with experience and whats the best way to do it?
thanks
Xenia
Member
@xenia
Join Date: 2002
Post Count: 1,231
September 27, 2005 - 3:40 am
two transaction happen at settlement. You buy at $120,000 from the seller and sell at $140,000 to a purchser. You pocket the difference! Everyone pays their own stamp duty!!!
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batts71
Participant
@batts71
Join Date: 2004
Post Count: 57
September 27, 2005 - 4:06 am
Yerp, that how they do them her in the USA – double closes.
Cheers,
Batts
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
September 28, 2005 - 12:38 pm
If your option contract allows it, you maybe able to assign the option to the new purchaser.
Terryw
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North Sydney
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Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
September 30, 2005 - 2:07 am
Terry is right if the Contract makes that provision to assign you may in some States save on Stamp duty.
Cheers Richard
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