"...and/or nominee"

[johnm]

I live in Victoria and have just signed a Contract Note with myself and / or nominee as purchaser.
This clause was entered as we are not sure whether we will eventually buy the property or give our daughter the option of buying.
At what stage of proceedings (eg before or after Exchange of Contracts or the period between Exchange of Contracts and Settlement date) can we nominate who the purchaser will actually be???
Any relevant info will be greatly appreciated

 

[Peter_Tersteeg]

I could be wrong, but I believe that you have 14 days to change the contract to the appropriate name, otherwise the name you put on the contract will stick.

Your solicitor should be able to clarify & implement this for you.

 

[Kristine..]

John

If your daughter is eligible for the FHOG, it would pay to have legal advice and also check with the State Revenue Office www.sro.vic.gov.au regarding 'nominating' a purchaser.

The first named purchaser on a contract is the contracted purchaser. My understanding is that the unidentified purchaser - 'or nominee' party may be seen as a subsequent purchaser for the purposes of the FHOG.

I know that this sounds like a whole lot of codswhallop but check it out before you make a decision to act.

Cheers

Kristine

 

[Michael Yardney]

Kristine's point is correct and if you nominate you must do it in the correct manner to avoid stamp duty implications (transferring or on selling between you and the eventual purchaser). You must have had a relationship with the purchaser before you bought the property.

Your solicitor should be able to do this for you with a stat dec.

You can nominate an alternative purchaser right up until just before settlement, but to allow enough time to prepare the new documentation, solicitors usually want you to "nominate" no later than 14 days before settlement

 

[asy]

As usual, Kristine is right...

But...

Be a little careful, the legislation on 'and/or nominee' transfers differs a little between states.

You should be fine (but I am not a solicitor) because you can prove a pre-existing relationship with the eventual purchaser...

As far as I have been advised, if you can't prove a pre-existing relationship with the final purchaser, as in, if you can't prove that you were actually looking for the house for that purchaser at the time of signing, you may have to pay two sets of stamps.

Oh, and the decision of who goes on the title usually has to be made about two weeks before settlement (In VIC anyway!!) as the solicitors need time to send it to the vendor for signing.

asy

 

[johnm]

Thanks you everybody for your feedback.Much appreciated:

 

[Hubush]

Could anyone provide details as to the cut-off date to name the person/s for the initial and or nominees for NSW!

My scenario is if I were to purchase a property for the objective of a development where there will be a deed of partition in place with 4 separate people in a trust/s structure!

Ta...