QLD Consent orders or not

[House 23]

My ex-partner is going to take over the property that we purchased together, we have agreed on the sum to be paid but he is unable to secure finance for the entire amount at this point in time. I am happy for him to pay a % now and the balance within an agreed timeframe.
We have a couple of questions:
1. Would the stamp duty on this transaction be based on the property value or the loan amount?
2. Is there a way to avoid paying this stamp duty?
3. Would consent orders or some type of agreement assist with this transaction?
We are good friends and are working together, we want the best solution for both of us without as little stress as possible.
Thank you.

 

[sammy01]

Go see a solicitor. Anything of these nature requires you both to get legal advice. You would be mad not too. Sure you're getting on great guns now, but a legally binding agreement is the only way to make sure one person doesn't dupe the other .

1. Not sure
2. I believe your ex would have to pay half stamp duty.
3. Yep consent orders good idea

 

[Atticus]

1. Would the stamp duty on this transaction be based on the property value or the loan amount?

It should be based on the purchase price..... In most cases presentation of court orders or a BFA will give a party an exemption from stamp duty, but get proper legal opinion on your circumstances