S32 required by me if "sale by nomination"?

Discussion in 'Legal Issues' started by alicudi, 10th Jul, 2018.

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  1. alicudi

    alicudi Well-Known Member

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    Location:
    Melbourne, Australia
    Hi all

    I have a put a deposit on a block of land in Victoria back in August/September 2017. Titles are due later this year or some time in 2019.

    If I were to put the block of land up for sale now I believe it could be done via "sale by nomination".

    Can anyone confirm if I need to instruct a conveyancer to prepare a new S32 for me to do this or do I just supply the existing contract of sale/s32 that I was given when I put my deposit on the block of land last year and then the purchaser relies on the s32 that the vendor supplies one come time to settle?

    Regards,

    alicudi
     
  2. Terry_w

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

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    A nomination happens when the purchaser under the original contract is nominated to be someone else.

    I would suggest you check with a Vic lawyer, but I would think not.
     
    alicudi likes this.
  3. kaibo

    kaibo Well-Known Member

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    could be liable for double stamp duty and CGT so tread carefully with good legal/accountant advice, Nomination/ nomination sales can be tricky especially if not done at the contract price
     
  4. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
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    Location:
    Melbourne, Australia
    Hi

    Just confirmed with a lawyer today that no new section 32 is required. However and as "kaibo" has stated above, the new purchaser that is nominated is actually responsible for the stamp duty on the original contract price and the stamp duty on the nominated 2nd contract price, so the SRO gets a huge bonus in this scenario.

    Regards,

    alicudi
     

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