Change on contract name post exchange pre settlement?

[Noodle]

Hi legal eagles,

Is it possible to amend the name on an exchanged contract prior to settlement with the vendors permission without incurring double stamp duty?

I.e. If bought in personal name, then realise it would be more effective in a trust?

Thanks

 

[Terry_w]

Hi legal eagles,

Is it possible to amend the name on an exchanged contract prior to settlement with the vendors permission without incurring double stamp duty?

I.e. If bought in personal name, then realise it would be more effective in a trust?

Thanks

Could be possible in some circumstances. Seek legal advice

 

[Noodle]

Thanks Terry, will do.

 

[Peter_Tersteeg]

As Terry says, always seek legal advice on this sort of thing, but some points to ponder...

You can change the name via a nomination form. It's best to sign the contract, "and or nominee". You then fill out paperwork later via your solicitor or conveayncer to put the purchase into another name.

In many circumstances you should have a relationship prior to the contract with the other entity being nominated. This means that if you will set up a trust to hold the property, you should set up the trust before signing the contract rather than after signing.

I've known exceptions to all this and the laws do vary from state to state, hence you do need more specific advice, but this might help you get started.

 

[Noodle]

As Terry says, always seek legal advice on this sort of thing, but some points to ponder...

You can change the name via a nomination form. It's best to sign the contract, "and or nominee". You then fill out paperwork later via your solicitor or conveayncer to put the purchase into another name.

In many circumstances you should have a relationship prior to the contract with the other entity being nominated. This means that if you will set up a trust to hold the property, you should set up the trust before signing the contract rather than after signing.

I've known exceptions to all this and the laws do vary from state to state, hence you do need more specific advice, but this might help you get started.

Thanks Peter. If only I had known about this earlier. Thats a great piece of advice.

 

[Noodle]

Just to expand on this slightly, should you wish to change the ownership distribution i.e. tenants in common 50/50 to tenants in common 99/1 is there a temporary fix for such a situation?

 

[Corey Batt]

Thanks Peter. If only I had known about this earlier. Thats a great piece of advice.

Works for shielding the true buyer in certain circumstances too. Used when one neighbour wanted to purchase next door (huge development size), but didn't want the agent or vendor to know this was the case. Switcheroo and it's all good to go.

 

[Aaron_C]

Just note that nomination clauses work a lot better in VIC than NSW.

 

[Noodle]

Just note that nomination clauses work a lot better in VIC than NSW.

Thanks again guys. Curious as to why it works better in VIC than NSW though.

 

[Aaron_C]

Thanks again guys. Curious as to why it works better in VIC than NSW though.

Because in Victoria it is commonplace to insert an 'and/or nominee' clause into every contract, and then fill in the nomination form after that. No double duty.

 

[b simpson]

Works for shielding the true buyer in certain circumstances too. Used when one neighbour wanted to purchase next door (huge development size), but didn't want the agent or vendor to know this was the case. Switcheroo and it's all good to go.

That's definitely something to remember