Reply: 3
From: Geoff Whitfield
I have received this private reply, which I would like to share:
Hi Geoff,
I thought I’d email you as the older posts sometimes aren’t read on the forum. I have had a similar situation to you and this is what my solicitor organised – He got the other side to agree to do a simultaneous rescind of current contract and exchange of a contract in the new name, with the settlement date to be on the same day as the original contract so that the vendor is not penalised. In fact if legal costs are an issue for vendor’s solicitor, you may offer to pay their costs to get this through. This was with NSW contracts mind you.
One hour after this private reply, I received a call from my solicitor with the same advice. So thanks to the sender, I was prepared, and was able to discuss properly with my solicitor. It would cost me $550-$600 to do in this way- with no stamp duty payable.
I have gone back to do a number crunching. My spreadsheet is showing that, after depreciation (including expenses incurred while trying to get a tenant), I am slightly better off to keep it under my own name for perhaps 4-5 years. But the idea was excellent, and very helpful. Thank you.