I have an opportunity to buy a development block from an investor who has not yet settled. He has signed a contract and is due to settle end of November. He is looking at on-selling for a $30,000-$40,000 profit. It is still a good deal if I pay the extra amount. My question relates to stamp duty payment. Can he on-sell to me without paying stamp duty, or does he need to settle (and pay stamp duty) and then sell to me (with me also paying stamp duty)?. The offer is in his name only (does not include and/or nominee). If he can avoid stamp duty, he will accept a lower offer from me.
Any help appreciated
Regards
Padraig
Any help appreciated
Regards
Padraig