Buying in my partner's name

My partner HATES house hunting and my eldest daughter is also developing a dislike for it. So I'm now on my own doing all the house hunting these days. In order to spread the land tax free threshold, I'm planning to buy my next IP in my partner's name. I know how to go about this at auction, but in a private treaty, am I able to sign the contract of sale on her behalf on the proviso that she comes in to sign at a later stage? I've been in a couple of situations where I've had to move very quickly, so waiting for my wife to physically sign might make me miss a deal or two.
 
NOT in NSW or you will be up for double stamp duty :eek:

Get a POA from her allowing you to sign on her behalf.

Really? I did that on my last purchase but it was changed before the vendor signed. Why would you pay double duty?

Just fix the name before settlement I thought (or before exchange if possible).
 
Yeah, POA is the easliest way to proceed. In NSW you used to need a solicitor's certificate to state they have explained the implications of the POA and if you are using it for transactions involving land it had to be registered at the land titles office.
 
Really? I did that on my last purchase but it was changed before the vendor signed.
Well you can change anything BEFORE the vendor signs :) But after exchange of contracts a name change means double stamps in NSW

Why would you pay double duty?
Look I don't make the laws - that's just the way it is :p

Just fix the name before settlement I thought
Nope

(or before exchange if possible).
Yep ONLY before exchange.
 
....and if you are using it for transactions involving land it had to be registered at the land titles office.
Yes & No.

Yes - if you need to have the title transferred into the name of the actual purchaser and the POA holder is signing everything for the whole exchange & settlement process.

No - if you are just exchanging contracts, say at an auction, (which can be done with a non-registered POA) but later the actual purchaser can sign relevant documents before settlement.
 
BA's use POA's often at auctions not only for absentee purchasers but also to provide anonymity for the buyer up to the point of contract signing.

With a power of attorney, the attorney is acting "pursuant to a power of attorney they are acting" for, and on behalf of and in the name of, the Principal when it comes to making decisions in that particular situation.

If a BA, under a power of attorney, is the highest bidder they must immediately inform the auctioneer that they are acting on behalf of a client and provide the name of that client (section 83 of the PSBA Act). Attorneys need to also ensure that they have the original power, or a copy of it certified by an solicitor or a JP, with them at the auction in case they are asked for evidence, so that it can be sent to the Vendor’s solicitor with the copy of the contract signed by the attorney in the name of the buyer.

A BA acting under a POA can usually sign the contract on their client’s behalf as this power is usually given by the power of attorney – but the terms of the power should be checked prior to the auction.

As Alan has said already, if BA's will be taking further steps in the transaction such as executing a transfer, conveyance or a deed on behalf of the client then the power will need to be registered (stamped by Lands Office in CBD) and advice should always be sought from the purchaser’s solicitor or conveyancer for this.
 
Thanks for clearing that up Prop.

I was under the (obviously wrong) impression that you could change it after exchange but before settlement.

You learn something new everyday.:D:D
 
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