How to avoid paying stamp duty twice
Today's video covers how to avoid paying double stamp duty and a free 27 point Conveyancing Checklist.
Written by Darryl Simms, first published in LinkedIn Pulse
Double Stamp Duty:
One of the most costly mistakes that property buyers make, can lead to being hit with two lots of stamp duty.
This can amount to a few thousand or tens of thousands of dollars, either way, you want to make sure you avoid the unnecessary extra costs.
And/or Nominees clause:
By failing to include the "and/or nominees" clause in your purchase contract in Australia, you may find yourself having to pay two lots of stamp duty.
Change of Ownership Structure:
For example, if you decide to change the ownership structure of your property purchase prior to settlement, you will be treated as having purchased the property twice!
Solution:
Including the "and/or nominees" clause on your Contract of Sale, gives you time to consult with your Accountant, Lawyer and other professionals, to ascertain which ownership structure will best suit your current and future needs.
Timeframe:
Once a nomination clause is invoked, there are strict timeframes you must abide by or you will lose your right to nominate an alternative purchaser.
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The above tip is just one of the 27 tips we cover in our Conveyancing Checklist.
Download your free copy today to make sure you avoid the many pitfalls associated with buying property.
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Free Download: 27 Point Conveyancing Checklist
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Written by Darryl Simms, first published in LinkedIn Pulse