Hi Guys,
Tricky question which I'm seeking an answer for....thank you in advance for your input.
My friend has an opportunity to purchase a property which the vendor is experiencing some hardship and the vendor would rather sell the property to him, rather than the bank selling it to whomever and potentially at a lesser price.
My question in this scenario....could he buy this property, and potentially on-sell this to someone at a higher price, however, as he hasnt technically settled on this, would he need to pay the stamp duty, and assume that he would only need to pay CGT on the higher sale price.
Connection in this transaction - property being sold is his neighbours property and he would like to see his neighbor make some money rather than the bank.
Interested in your vairous thoughts.
Thank you
Tricky question which I'm seeking an answer for....thank you in advance for your input.
My friend has an opportunity to purchase a property which the vendor is experiencing some hardship and the vendor would rather sell the property to him, rather than the bank selling it to whomever and potentially at a lesser price.
My question in this scenario....could he buy this property, and potentially on-sell this to someone at a higher price, however, as he hasnt technically settled on this, would he need to pay the stamp duty, and assume that he would only need to pay CGT on the higher sale price.
Connection in this transaction - property being sold is his neighbours property and he would like to see his neighbor make some money rather than the bank.
Interested in your vairous thoughts.
Thank you
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