All Topics / Help Needed! / and/or nominee clause

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of rabbit80rabbit80
    Member
    @rabbit80
    Join Date: 2009
    Post Count: 8
    August 2, 2010 - 12:45 pm

    hi guys,

    I am looking at buying an investment property ..

    I wanted to buy the property in my name and the wife's name…  I am unable to include her name for now, as she is in the process of changing her name..

    I have to sign the contact within days and the name change might take a month or more.

    I relation to the property the settlement is in 3 years time..

    Someone mentioned to me "and/or nominee clause" but I am unaware how it works..

    can someone please explain the process and it there is any associate cost ??

    Thanks

    Profile photo of Charles 1Charles 1
    Participant
    @charles-1
    Join Date: 2010
    Post Count: 65
    August 2, 2010 - 9:13 pm

    When you sign the contract you put your name and / or nominee which means you can nominate a different purchaser down the track.

    I think there is a small legal cost involved in changing the contracts, best get legal advice before you sign anything

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    August 2, 2010 - 11:10 pm

    As noted above, not all states permit the use of the 'nominee'.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 2, 2010 - 11:48 pm

    Check with a solicitor first, otherwise you may be up for stamp duty twice.

    In NSW it is possible to sign in one name and add a spouse before settlement without paying extra stamp duty – or maybe just $10. s18(3) Duties Act http://www.austlii.edu.au/au/legis/nsw/consol_act/da199793/s18.html

    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 rabbit80rabbit80
    Member
    @rabbit80
    Join Date: 2009
    Post Count: 8
    August 4, 2010 - 1:01 pm

    Hello all,

    Thanks for the advice. I spoke to my solicitor, and was advice that nominee cause can be used for any purchaseand I am able to add my wife name to the contract anytime prior to the settlement of the property.(within 3 years).  There is minor cost of around few hundreds dollors..

    so I did signed the contact today.. so thanks again.

    Happy hunting
    <br /:)” title=”>:)” class=”bbcode_smiley” />

    Regards

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

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