Cost Of Flipping Off The Plan?

[willfong]

Does anyone here have experience flipping OTP purchase (to settle in 2months) with the current contract stating '[name] and/or nominees'? What kind of cost will be involved? Will there be additional stamp duty if we have a different contract with someone else and nominate them for the purchase instead? Given the short time frame, is it ok to use the existing section 32 prepared by the original vendor or do we have to do a new one?

Any info appreciated. I know we should talk to a lawyer/conveyancer for definite answers but at this stage we haven't decided whether to go with it yet. Just weighing up our options. Thanks.

 

[Terryw]

I would say that in probaly all states you would need to pay stamp duty and the new purchaser stamp duty as well. This is because you did not enter into an agreement with the end purchaser before you signed the contract.

Other costs are the usual ones such as agents fees, and legals.