Refund of Stamp Duty in OTP

[NIF]

Would anyone know the answer to the following:

In a NSW off the plan purchase, if the purchase does not eventuate (eg because the development isn’t completed within the time limit for the contract), will the Office of State Revenue refund the stamp duty that has been paid on the purchase ?

Thanks

 

[juzz]

NIF,
I'm from Victoria but I believe that Stamp duties are charged at the time the property settlement occurs. In the case mentioned, if settlement dosn't occur ie No Stamps. But generally not settling on most forms of Real Estate contracts can have penalties and have potentially major cost ramifications for all parties. I'd be more concerned with the time frame legalities and implications if you don't settle. The Developers could still take your deposit money and you might still be liable even if the development isn't completed on time. You might just obtain a small monetry re-embursment through time frame penalty clauses and still have to settle.

Justin.