Morning Property Forum,
I had a couple of questions to ask. This is my 1st time purchasing land to build on. Been a 1st timer needed some help understanding this:
1. The block i’m looking at is about 480K. On what do you pay stamp duty on? Do you pay stamp duty on land or is it the total value of Land & House?
2. The block is not registered yet its gonna take about 24 months to be ready. At the moment its only 10% deposit than upon settlement balance is due. What happens if i change my mind and decide to sell the land within 24 months? Whats the process with this?? Since i have only bought 10% of the purchase and decide to on sell this who is responsible for the stamp duty?
1. contract generally. If you have contracted just to buy land than generally the land price. If it is a house and land package then the price of the house and land.
2. stamp duty and tax by yourself and stamp duty by the new purcahser too
Seek legal advice
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
1. You pay stamps on the land (assuming it’s two seperate transactions – that is, a contract for the land and a contract for the build).
2. Talk to a lawyer. This can be quite risky.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi, read your post. I think it’s better to consult legal adviser to solve this in a proper way.
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