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I have heard recently that this gets done:
Vendor asking $550k. Buyer offer $510k and has the contract reflect this and then gives vendor $40k in cash.
I can see that this would save you in stamp duty for FHOG.
Has anyone heard of this being done and if so, how legal is it?
Thanks.
I have heard recently that this gets done:
Vendor asking $550k. Buyer offer $510k and has the contract reflect this and then gives vendor $40k in cash.
I can see that this would save you in stamp duty for FHOG.
Has anyone heard of this being done and if so, how legal is it?
Thanks.
But if the property is sold later on for $1m - they have to pay capital gains on the $400k (because they apparently bought the property for $600k), so how is the $200k 'cleaned'?
But if the property is sold later on for $1m - they have to pay capital gains on the $400k (because they apparently bought the property for $600k), so how is the $200k 'cleaned'?
arh... yep - both answers make sense now
I've heard of it the other way around: as an example:
Seller asks for $500k. Buyer offers $495k - but wants the contract price to reflect $520k, thus giving the buyer a "free" $25k deposit + equity.