“Remember : NOT to be NOMINEE Clause from 1 October 2007
At the time of execution or preparation of the Offer and Acceptance contract the person buying the property needs to be clear OR evidence will be required to avoid double stamp duty being applied.
The people on the Offer and Acceptance contract and the Transfer of Land document must be identical.
If the names on the Transfer of Land document are different from the names on the Offer and Acceptance contract then double stamp duty may be applicable, this constitutes a “separate and distinct transaction”- extra stamp duty will be applied accordingly.
Why the change? You ask……
The Nominee clause is NOT in the Stamp Act.
The Nominee clause is NOT an “Agency Agreement”.
The Agency Agreement is a contract between the seller and the purchaser.
Therefore: “as agent for” OR “on behalf of” must be used in place of “&/or Nominee”
In an ideal world if you clearly specify the seller (as per the Certificate of Title) and the purchaser then there is no need to provide evidence and no double stamp duty will apply.”
Wednesday, November 21, 2007
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1 comments:
Great reminder, fits perfectly with your audience. How about sending a link to this post to your agents - it's a really useful reminder. This is what it's all about.
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