sell the IP before it settle

Hi All:
Two Questions:
1: Can i sell the "off plan" property before it settle, if yes , and how to do it, legal; agent; tax issues?
2: Can i sell the property (not off plan) after exchange contract but before settlement?

Thanks a million!
Michael
 
Originally posted by michaelq
Hi All:
Two Questions:
1: Can i sell the "off plan" property before it settle, if yes , and how to do it, legal; agent; tax issues?
2: Can i sell the property (not off plan) after exchange contract but before settlement?

Thanks a million!
Michael
Two answers... :)

1: Yes, you can sell any property that you have a registerable interest in, as long as you do not try to settle your sale prior to your purchase. (You CAN settle them both at the same time, though.)

how? contract to sell the property, and when they do a title search, (OR in VIC, as part of your section 32) you will show them your purchase contract as proof of your registerable interest in the property.


agent? What do you mean, can you elaborate.

Tax issues? um, DALE???
I believe CGT applies on the profit, and also, you may have to pay stamp duty twice.


2: No, you can CONTRACT TO SELL, but not actually sell, the property.


hope this helps.

asy :D
 
Top