Hi.
I entered a contract for an off the plan apartment in Melbourne prior to any development and thus eligible for the concession but I am considering transferring/nominating the sale. I am not sure if the developers actions at the moment (builder contracted but not change in state of site) meet the criteria for developing having started this not sure if the nominees would be eligible for the off the plan concession. regardless would I be responsible at settlement (transfer of title to nominee from vendor) for the duitable value of the completed price (I.e. non concession) or is only the new buyer liable for stamp duty for the sale? Or do we both have to pay stamp duty?
Any clarity on this would be much appreciated.
I entered a contract for an off the plan apartment in Melbourne prior to any development and thus eligible for the concession but I am considering transferring/nominating the sale. I am not sure if the developers actions at the moment (builder contracted but not change in state of site) meet the criteria for developing having started this not sure if the nominees would be eligible for the off the plan concession. regardless would I be responsible at settlement (transfer of title to nominee from vendor) for the duitable value of the completed price (I.e. non concession) or is only the new buyer liable for stamp duty for the sale? Or do we both have to pay stamp duty?
Any clarity on this would be much appreciated.