- freedg420Participant@freedg420Join Date: 2021Post Count: 0
Hi, I have built 3 townhouses but will not be selling them for 12 months due to tax reasons.
The Subdivision application has gone in and not been finalized because I haven’t paid the open space contribution.
Council has agreed I can pay it off by Aug-21 (it’s nearly 40k).
This gives me 6 months to make monthly repayments which makes it easier for me.
But I wanted to ask – is there anything that could happen between now and August if the subdivision is not finalized?
I am worried this will bite me if I don’t pay it all now. I have never built now so this is all new to me.
Thank you for any insights you could offer :)Colin RiceParticipant@fmsJoin Date: 2011Post Count: 338
If you are not planning on selling for 12 months and won’t be able to title for 6 months due to paying off the OSC then it gives you 6 months to get titles ready in order to sell the units individually, cant see anything obvious that will prevent this happening?