Have history with the vendor

[madstu]

Hi All,

I've been looking for a property in an area I know well, having lived within 2 suburbs radius for the past 30 years. A property that meets all my requirements has come up - great. However, I know the vendors, the vendors know me and we have a history that is less than amicable. The history between us is to the point that if it was known that an offer had come from me, there is a high probability that it would be refused point blank.

I have visited the house prior to myself and the vendors having the falling out, so I am happy to proceed without inspecting it myself (my partner however will inspect it - thankfully she and I don't share a surname yet and she and the vendors haven't met so the link wouldn't be made between her and myself).

What is the best way to proceed with an offer so that my name doesn't appear anywhere until it's a signed deal?

 

[tobe]

your partner signs 'and or nominee'. You then nominate yourself after its unconditional.

 

[TMNT]

Can your partner but it?

Alternatively, as mentioned the nominee clause but I've found that some agents dint accept
It while many don't understand it completely

Admittedly, it's even confusing for me

 

[andrew_de_a]

If in Victoria buy in someone else's name and use the nominee clause to pop your name on the contract prior to settlement.

 

[madstu]

That's why I love this place, quick, concise answers to questions.

Thank you all, I'll head down the and or nominee route.

 

[andrew_de_a]

Run it by your solicitor but it shouldn't be a problem.

 

[Peter_Tersteeg]

If your partner can't get away with being unrecognizable, you can get a friend or solicitor to sign. There's a LOT of trust involved though.

 

[Corey Batt]

And or nominee clause, if the agent asks why just get the partner to say they havent decided which structure they want to put it in, and need to speak to their accountant first.

 

[Perp]

Which state are you in? Using "and/or nominee" can trigger double stamp duty, I think, if not done carefully.

http://www.stacklaw.com.au/web/page/NewsItem_2926/news/2926

 

[madstu]

Which state are you in? Using "and/or nominee" can trigger double stamp duty, I think, if not done carefully.

http://www.stacklaw.com.au/web/page/NewsItem_2926/news/2926

Thanks for that perp. I'm in Victoria.

My partner and I are currently in a de-facto relationship, which based on the linked article is exempt from double stamp duty.

Andrew, I will be running it by the solicitor before it gets to that point, but figure it's worth understanding options before asking so I can have a meaningful discussion with him.

 

[Terry_w]

few ways
1. bare trust
2. nominee
3. spouse name and then sign transfer in both
4. power of attorney

best to get legal advice as many issues with all of these

 

[Peter_Tersteeg]

Which state are you in? Using "and/or nominee" can trigger double stamp duty, I think, if not done carefully.

http://www.stacklaw.com.au/web/page/NewsItem_2926/news/2926

Definitely worth being aware of but not a really a problem for an established couple.

In Vic (and other states) I've seen plenty of deals where a nominee clause from a defacto partner was used without any issues. Of late it happens a lot with young guys working in the mining industry. She's working on building wealth whilst he's generating cashflow.

 

[Singo]

Change your name legally?

 

[depreciator]

If you end up buying the place and down the track the vendor realises what happened, please update us all.

 

[Ed Barton]

If you end up buying the place and down the track the vendor realises what happened, please update us all.

No need, just tune into ACA?

 

[madstu]

Just a brief update, the vendors had no interest in offers, agent said they had been instructed not to take offers and are taking it to auction this week. I guess the history has much less relevance now as they can't deny my bids.

 

[andrew_de_a]

They actually can deny your bid if they wish.

 

[Big Will]

Isn't it if instructed from the auctioneer before the auction starts. As only the auctioneer can dismiss a bid, otherwise wouldn't it open up to dummy bidding?

 

[madstu]

Well that was a lot of worry on my behalf for nothing. Auction was last night and I didn't get the property. The vendor was in the room for the auction (I'm not sure why this agent does that) and the look on his face when I bid was amusing to see.

It ended up going for $95,000 over reserve and $ 40,000 higher than I was prepared to pay for the property.

 

[pasey25]

now that its all over you need to spill the details of the drama. I need my fill of daytime soap opera