Buying a property as a Private purhaser?

C

cruiserman

Hi Guys/Gals,

What a great forum, I loose countless hours of sleep reading through all of the great information and experiences listed in these pages.

Now I am after some advice/information which I haven't been able to find, if you can help it would be greatly appreciated!

I am wondering if it is possible to make an offer purchase a residential property as a private buyer? That is, the seller not knowing my name or details?

The reason I ask is because I am wanting to buy a property from someone I know who I have had a falling out with. The property will be going on the market shortly and I really would love to own it!

The property is located in Queensland.

Thanks in advance for any help/information you can provide.
 
cruiserman said:
I am wondering if it is possible to make an offer purchase a residential property as a private buyer? That is, the seller not knowing my name or details?
Click to expand...

Is it important that the vendor NEVER know who has bought, or are you only concerned whilst the negotiating is going on?

Once you settle, he can ask any agent who the new owner is, or find out somehow. Does that matter?
 
cruiserman said:
The reason I ask is because I am wanting to buy a property from someone I know who I have had a falling out with. The property will be going on the market shortly and I really would love to own it!
Click to expand...


Hmmmmm

Out of all the Ips that may come good, you want that one :)

Sure there isnt a case of the three Rs running this "decision" ?


ta

rolf
 
LOL I know how it looks, but its definatley not why i want it.

To give a bit more info, it is the house I grew up in, it has everything I want in a house and ticks all the right boxes. There is also a fair whack of sentimental value as well. Most of all though, it has all the right things and is going on the market for a great price!

It would be purchase as a my own place to live in.
 
wylie said:
Is it important that the vendor NEVER know who has bought, or are you only concerned whilst the negotiating is going on?

Once you settle, he can ask any agent who the new owner is, or find out somehow. Does that matter?
Click to expand...

Hi Wylie, thanks for your response.

I just dont want them to know who is purchasing the place. Once settlement has happened and the house is officially mine i couldn't give two hoots if they knew or now.

They are the type of people who if they knew I was the once putting in the offer they would reject it out of spite.... They are not in desperate need of money so it wouldn't bother them.
 
Is it your parents who are the vendors?

Seems like a juicy story.. do tell!

Make sure it truly is good value and you don't want to buy it just because you really like the garden etc...

Make sure you compare it with other properties on the market.
 
JWR said:
Is it your parents who are the vendors?

Seems like a juicy story.. do tell!

Make sure it truly is good value and you don't want to buy it just because you really like the garden etc...

Make sure you compare it with other properties on the market.
Click to expand...

haha it really is great value, and definatley ticks all the boxes!
It is a family member that owns it, my brother, and hes a dick. *excuse the french*. Tried to be diplomatic about it but he is stubborn!
 
We had this very concern last year, when buying in Canada.
It was a propertythe vendor had refused our offer.(we offered asking price+, but it was not the conditions he wanted)
When he didn't have anymore offers, he had reduced his asking priceby 20%. We then offered 37% lower from our previous offer..cash.

We were informed we could have a lawyer write up the offer, without our names on the contract,
or
submit a verbal offer, have it accepted..and then put it in writing. (we ended up doing this, cause there was no emotional attachment)
In our case there wasn't any problems, and sale proceded.


In your case, I think there may be.
 
Rolf Latham said:
company or corporate trustee can provide a little space if someone isnt looking'

ta
rolf
Click to expand...

I thought of this as a way of hiding the new owner's identity, but wouldn't buying in a company mean issues with it being a PPOR? Would it mean having to pay CGT when it is sold down the track? Same with trustee?

And if it is your brother and he is a knob, is it likely that he would retaliate somehow when he finds out who has bought it?

He is going to know who is moving into it so could you put "or nominee" on the contract. I don't know much about this, but I thought you could put something like that on the contract when you are not sure what name you want to buy in?
 
A few ways (some already mentioned):
1. In a company name
2. In the name of a trust
3. Using "or nominee" (check your local state laws to make sure this does not incur double stamp duty)
4. Buy at auction via someone else annonymously by using a Power of Attorney. (as BAs we do this from time to time - especially where a neighbour wants to buy another neighbour's property, and have not been able to do so because they either do not get along or their negotiating position is compromised).
 
Propertunity said:
A few ways (some already mentioned):
1. In a company name
2. In the name of a trust
3. Using "or nominee" (check your local state laws to make sure this does not incur double stamp duty)
4. Buy at auction via someone else annonymously by using a Power of Attorney. (as BAs we do this from time to time - especially where a neighbour wants to buy another neighbour's property, and have not been able to do so because they either do not get along or their negotiating position is compromised).
Click to expand...

I like that...might need that one for the future
 
Friend bought a property using his solicitor with a power of attorney to make the purchase. Long story, owner was a distant family member and a major falling out had occurred and the vendor would never have sold to friend.

Solicitor handled it all, and it was only after contracts were unconditional that the correct name was put on the documents. I cannot comment on the extra costs as money was not an issue for this person.
Marg
 
I did a nominee when i bought land in bendigo. It just settled 3 days ago with no issues.

Basically a nominee signs to buy the land for you, then I had to sign a extra document that stated me as the buyer and my nominees name and their signature, however this was for a VIC purchase. May be different for other states, but i dont see how you can't have them do this for you!.

Rowena
 
rowena said:
I did a nominee when i bought land in bendigo. It just settled 3 days ago with no issues.

Basically a nominee signs to buy the land for you, then I had to sign a extra document that stated me as the buyer and my nominees name and their signature, however this was for a VIC purchase. May be different for other states, but i dont see how you can't have them do this for you!.

Rowena
Click to expand...

I've done it several times in vic too. One requirement is that you have a written agreement with the nominee before you enter the contract - which should be possible in this case.

With a bare trust you can have the name in A but real beneficial ownership in B. A is on title but B can later call for the title to be transferred to themselves. No or nominal stamp duty if done correctly.

If there is borrowing involved then the bare trust will complicate things. The nominee method may be better if you don't care that the vendor will know who the purchaser is before settlement.
 
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