Whats Does 'Nils and Wills' Mean?

Discussion in 'The Buying & Selling Process' started by House, 19th Oct, 2016.

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  1. House

    House Well-Known Member

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    Saw this on RP Data for 21 Addis Street in Geelong. Looks like a pretty standard house but seems to have sold for $0. Not much on Le Google for Nils aside from 'National Integrated Land System'. Is it to do with the Gov seeing as the RPD is 'crown lot'?

    Also, is RPD 'real property description' that identifies the parcel of land?

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    Last edited: 19th Oct, 2016
  2. larrylarry

    larrylarry Well-Known Member

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  3. House

    House Well-Known Member

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  4. Agent30yrs.

    Agent30yrs. Well-Known Member

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    "Nils & Wills" means the property has been transferred without the involvement of cash or any form of considerations.

    And yes RPD means that :)
     
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  5. House

    House Well-Known Member

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    How does that situation arise? Is stamp duty paid on the transaction?
     
  6. larrylarry

    larrylarry Well-Known Member

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    If no consideration involved, i doubt there will be stamp duty.
     
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  7. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    Could have been transferred to the crown pursuant to a bankruptcy, court order or forfeiture under proceeds of crime legislation.