All Topics / Legal & Accounting / Selling prior to settlement

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  • Profile photo of BrettBrett
    Participant
    @jimchap131
    Join Date: 2013
    Post Count: 22
    February 2, 2014 - 5:53 am

    Hi everyone,

    Looking for some general advice regarding selling a property prior to settlement.

    Hypothetical:

    If I were to have my offer accepted on a block of land subject to an extended settlement period (three months or so) in order to gain development approval for the site and then find a buyer who wishes to purchase the land off me for more than my original offer, am I able to sell to this buyer prior to settling on the land myself?

    If so is it a simple process, what are the tax implications etc

    Thanks a heap

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 2, 2014 - 10:23 am

    Yes. You cannot settle on the sale under you settle on the purchase. Stamp duty and income tax would apply.

    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 thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992
    February 2, 2014 - 11:49 am

    Simultaneous settlements ?

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
    Email Me | Phone Me

    selling motels in NSW

Viewing 3 posts - 1 through 3 (of 3 total)

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