Wrong name on auction contracts??

Hi, please help..... on saturday my husband and I found out about a local auction, so went a long for a look. We ended up being the highest bidders and paid our 10% deposit. As this was totally unplanned, we did not have finance in place etc but as he is a builder are confident about the house and really got a bargain! HOWEVER, being overwhelmed in the moment we put his name only on the contracts, but the mortgage is approved in my name and want it in my name only as we have another IP etc. Anyway upon discussing this with the real estate agent, he said that chaging the name on the contract was impossible. I havn't followed this up with the solicitor yet, but i get the feeling that it's just too much work for them and that they cant be bothered...... so any help would be appreciated

Trust me i'm not always this stupid!!!! Anyway after researching etc.... is it possible to get it changed over if we pay the stamp duty twice? eg my husband pays and then i pay?? i would be ok doing this as the purchase price was very low......Would LOVE any suggestions / ideas what i can do...... Thanks in advance....Oh sorry...i am in NSW
 
Hello Hayley

Your Conveyancer / Solicitor will prepare the Transfer of Land with the correct details

However, unless you have 'and / or nominee' in the Contract which the Vendor has signed, you can't just change the details without the Vendor's permission

This is not usually a problem and again, will be attended to on your behalf by your conveyancer.

Estate Agents have completed their job once they have introduced a 'ready, willing and able' buyer to the property

The execution of the Contract is a legal matter and is not the Agent's responsibiity

Hope this helps
Kristine
 
Once you buy at auction, contracts are exchanged virtually immediately. The agent is right, they cannot afterwards then change the names on the contract.

You can sell the property to your husband and in so doing, you will pay double stamp duty. (In NSW, you would also have paid double stamp duty even if you had used "....and or nominee" beside your name as purchaser on the contract)
 
Hi, Thanks for your answers. After all that the real estate agent didn't actually date the contracts, so they weren't technically binding.......... thats how I understand it anyway and have now got the contracts corrected by my solicitor. Thanks again for your help.... you did put my mind at ease :)
 
Once you buy at auction, contracts are exchanged virtually immediately. The agent is right, they cannot afterwards then change the names on the contract.

You can sell the property to your husband and in so doing, you will pay double stamp duty. (In NSW, you would also have paid double stamp duty even if you had used "....and or nominee" beside your name as purchaser on the contract)

In NSW there is provision for the names on the transfer to be different to that of the contract with only nominal stamp duty ($20 from memory). Probably similar in other states too.

I am out of town, don't have my notebooks and forget the details now. "transfer by direction" maybe.
 
Thanks for that Terry.

So this would have to happen in between exchange and settlement - a period of 4 - 6 weeks normally. That's good to know - thanks again.

I assume one settlement has occurred these provisions are 'off the menu'?
 
Yes, has to be done before settlement. But, as you know, there may be stamp duty exemptions for transfers from one spouse to both spouses - but usually only for the main residence (except in Vic where it seems this can be done with investment properties too).
 
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