Onselling untitled land..nomination clause

Discussion in 'Legal Issues' started by Kidgeeq, 22nd Jan, 2019.

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  1. Kidgeeq

    Kidgeeq Member

    Joined:
    11th Nov, 2017
    Posts:
    21
    Location:
    Melbourne
    Hey folks,

    I’ve purchased a block in Melbourne’s West
    Developer has delayed titles for almost a year and half now and are speaking of a further year on top

    I want out of the contract but at today’s market price and not the contract price I paid when I purchased

    The developer has told me I can leave the contract and they will reimburse my 10%
    However I would prefer to nominate someone myself to take over the contract at the contract price and organise myself and the buyer an agreement for ‘consideration’ which will be my profit.

    My question is this, can I nominate someone to takeover a contact if the purchaser section of the contract does not say ‘and or nominee’?

    What steps should I take. My conveyancer is not very responsive

    Thanks in advance
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
    Posts:
    3,059
    Location:
    NSW
    No.
    You may be able to sell the land if your contract allows but you'd have to pay stamps and possibly CGT if there has been a capital gain.
     
  3. Terry_w

    Terry_w Broker, Lawyer, Tax advisor, Debt Recycle advisor Business Member

    Joined:
    18th Jun, 2015
    Posts:
    22,265
    Location:
    Australia wide
    Yes

    Speak to a solicitor.