..... or Nominee

In QLD and NSW, when i purchase a property I am not sure if I want it to be under my own name or trust/company name, or even flip to someone else.

Can i put my name or Nominee on the contract ?
Will it attracts 2 stamp duty payable if flip it to someone else or my own company/trust ?



Anyone have done it before in NSW and QLD ?
 
Needs to be done correctly but can be possible in some circumstance, get it wrong and you will be up for stamp duty.

If there is a principal and agent agreement in writing in place prior to the transaction being entered into and the agreement must be lodged.

But if you do 2 agreements Duty is payable"

On 1 July, under an agreement for transfer, A agrees to sell land in
Queensland to B for $100000. Settlement is to take place on 31 July. On
7 July, under an agreement for transfer, B agrees to sell the land to C for
$120000. Again, settlement is to take place on 31 July. Before 31 July, B
directs A, that at settlement, A transfer the land to C.
The agreement between A and B is the first agreement. The agreement
between B and C is the intervening agreement. No transfer duty is
imposed on the transfer from A to C if transfer duty on the first and
intervening agreements has been paid.

Also using an option is another alternative.

Either way worth seeing a lawyer so you get it right.

D
 
many have become unstuck on this

I'm one in this boat as a Vendor. Had to learn the lesson the hard way.

If a Buyer presented an Offer to me with this "and/or nominee" **** on the Contract, it would immediately be ripped up and thrown in the bin.

I would take great delight in advising them their offer was summarily rejected and all of their hard earned money spent on gaining their lawyer's advice had been completely wasted.

Such fun.
 
If a Buyer presented an Offer to me with this "and/or nominee" **** on the Contract, it would immediately be ripped up and thrown in the bin.

I would take great delight in advising them their offer was summarily rejected and all of their hard earned money spent on gaining their lawyer's advice had been completely wasted.
I suspect that buyers who bother to seek a good lawyer's advice don't bother presenting such offers, but are instead advised by their lawyers: "make up your mind before signing the contract and avoid the risk". ;)
 
That would probably be the wisest course of action Perp yes.

Our difficulty arose from sneaky neighbours who knew that their property would be enhanced well and truly above normal parameters if the two blocks were amalgamated.

They walked thru on open day and had a chat with our agent. Contact was made.

They then went thru another agent, where he approached our agent and they agreed on a conjunctional. They submitted an offer with some fairyland name on the contract with this "and/or nominee".

Our agent knew this and said nothing to us.

We unknowingly accepted.

All of the paperwork and settlement processes were conducted. Their settlement agent revealed their true names and address next door the day prior to settlement.

We had words with our agent...and a formal letter....and everything else we could do, all to no avail.

That was over 12 years ago now, and every detail of the process is as fresh in the mind as if it was yesterday.

The words "and/or nominee" cost us about $ 14K back then. It won't happen again.
 
That would probably be the wisest course of action Perp yes.

Our difficulty arose from sneaky neighbours who knew that their property would be enhanced well and truly above normal parameters if the two blocks were amalgamated.

They walked thru on open day and had a chat with our agent. Contact was made.

They then went thru another agent, where he approached our agent and they agreed on a conjunctional. They submitted an offer with some fairyland name on the contract with this "and/or nominee".

Our agent knew this and said nothing to us.

We unknowingly accepted.

All of the paperwork and settlement processes were conducted. Their settlement agent revealed their true names and address next door the day prior to settlement.

We had words with our agent...and a formal letter....and everything else we could do, all to no avail.

That was over 12 years ago now, and every detail of the process is as fresh in the mind as if it was yesterday.

The words "and/or nominee" cost us about $ 14K back then. It won't happen again.

Sorry Dazz not following this. Did you get hit up for two lots of commission?
 
Sorry Dazz not following this. Did you get hit up for two lots of commission?

He missed out on getting a higher sale price because he didn't know the (eventual) buyer was the neighbour who would've paid a higher price for the proximity to their property.
 
He missed out on getting a higher sale price because he didn't know the (eventual) buyer was the neighbour who would've paid a higher price for the proximity to their property.

The buyer could have possibly avoided detection until after settlement by using a bare trustee to purchase.
 
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