Rescind from contract

Discussion in 'Accounting & Tax' started by Bellecard, 25th Jun, 2021.

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  1. Bellecard

    Bellecard Member

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    Hi all,

    We’re currently in cooling off period and wanted to know if it’s possible to remove a name from the title without being charged double stamp duty. If not, are there any other fees?
     
    Bellecard, 25th Jun, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You could rescind and enter into new contracts.
     
    Terry_w, 25th Jun, 2021
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    Bellecard likes this.
  3. Bellecard

    Bellecard Member

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    Thanks Terry. We were thinking about that but it would mean we would have to pay the deposit again and there’s the possibility the owner then decides to sell to someone else? Is this the only viable option?
     
    Bellecard, 25th Jun, 2021
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    negotiation is the key.

    What state are you purchasing in?
     
    Terry_w, 25th Jun, 2021
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  5. Bellecard

    Bellecard Member

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    Bellecard, 25th Jun, 2021
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    is the one you want to remove a spouse?
     
    Terry_w, 25th Jun, 2021
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  7. Scott No Mates

    Scott No Mates Well-Known Member

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    How many does the OP have? :oops:
     
    Scott No Mates, 25th Jun, 2021
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  8. Bellecard

    Bellecard Member

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    Yes
     
    Bellecard, 25th Jun, 2021
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  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    There may be no need to change the contract in that case. The contract can be in different to the transfer at settlement
    speak to your lawyer
     
    Terry_w, 25th Jun, 2021
    #9
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