Can I Buy before 1 July

Uncle's Town planning permit application (subdivision to 3 townhouses) is still in progress. I'm planning to buy 1 as an IP. To avoid the recent changes - extra stamp duty on OTP in VIC after 1 July, can we sign some sort of contracts before 1 July?

Not sure about the legal issues. Thank you!

 

Yes - an off the plan contract.

 

Thanks Terry. Do you mean a deed of partition off the plan contract? Are they the same thing?

Also should I just get a conveyancer to prepare it? Do I have enough time?

 

No, just a contract for the sale of land subject to the plan of subdivision being granted.

The vendor usually prepares the contracts. If they are a related party get them to seek legal advice.

Enough time.

 

Thanks Terry, can you please also recommend professionals in Melbourne who can help me go through the process? Thanks very much!

 

Try Kate at Ashmor Legal | Melbourne Property Lawyers | Conveyancing
(member of the forum)

 

Thanks Terry. What about tax accountants in Melbourne specialising in properties?

 

try www.houseofwealth.com.au
(forum members)

 

Thanks Terry. Hypothetically if I have to buy it after 1 July. Is there a way to reduce stamp duties? For example, to subdivide land and separate titles prior to construction, then sign a contract to buy one piece of land only? Then pay stamp duties on land only.

 

that is something you need legal advice on.