Thursday, November 22, 2007

Substitue Purchasers

In certain circumstances, where the name of the purchaser was changed on or prior to settlement and no profit was made from the substitution. A nominal assessment of stamp duty will issue from State Revenue Department if certain conditions are met.

Only the direct line of ancestors or descendants of the original purchaser qualify as being related. E.g. direct line of relationship which may be traced between a grandparent to a grandchild.

Sorry aunties/uncles and nieces/nephews do not qualify as lineal ancestors or descendants of the original purchaser.

The Substituted Purchaser form incurs an extra $20 for stamp duty on the Transfer of Land document.

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