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The old nominee in NSW

Discussion in 'Legal Issues' started by dabbler, 30th Mar, 2016.

  1. dabbler

    dabbler Well-Known Member

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    Hi All,

    Had an offer accepted that has come as a bit of a surprise, needless to say would prefer to get things going straight away before vendor has too much time to re consider or an agent tells one of his buddies.

    I am trying to nut out and have my partner agree if only one name should go on the property, it never bothered me, but they like joint, anyway, that is another matter, that will be decided on this week/weekend.

    in NSW....is there any way to not have exact names on the contract ? years ago I remember using and or nominee, or should I just ask the agent to fill out all info apart from the names and let my conveyancer fill out and exchange.

    I wonder if there has been change to the law in last 20 years to prevent this ?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I wrote a legal tip on and/or nominee - no 2 from memory/

    Where spouses are involved you should speak to your lawyer about putting one name on the contract and then changing settlement to the other - nominal duty.
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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  4. dabbler

    dabbler Well-Known Member

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    I am going to likely ask for this.....

    That one spouse has name on contract and sign with and or nominee which may end up being the second spouse, we will agree to this verbally, and deposit paid from a joint loan/account.

    Have done before years ago without any extra duty, but cannot recall if we had exchanged etc the agent did fill out the contract.

    I will call the company looking after it anyway, but I think I will get them to exchange, not sign for the agent so they cannot do exchange.
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Get some advice.
     
  6. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    I have been nominee for clients in some unusual instances. Legal advice is very important to avoid double stamp duty !!
     
  7. dabbler

    dabbler Well-Known Member

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    Thanks, right at this point, there is no contract as have not signed, so is just a decision on name/s.

    Have done this before with solicitors advice before signing many years ago, I did ask if anyone aware of any change to law in relation to this, and also asked my solicitor who was ok with it.

    Cheers