Relates to the purchase of a vacant/unregistered block of land from a large developer. The Land still has not registered. We are still several months away from settlement./ registration.
The first contract exchanged and was initially in our two names.. due to unforeseen circumstances, my partner's name needs to be removed from the contract and can no longer be a purchaser. The developer is in agreement and has no issue with the situation, and will issue a fresh contract essentially on same terms, but with only one name and the other name removed.
Is rescinding the contract entirely the best way to go?
Questions:
1. Am I liable for stamp duty on rescinded contract?
2. Does the recission of the first contract prevent me from getting the first home builder concession on the second?
Advice appreciated. Thanks.
The first contract exchanged and was initially in our two names.. due to unforeseen circumstances, my partner's name needs to be removed from the contract and can no longer be a purchaser. The developer is in agreement and has no issue with the situation, and will issue a fresh contract essentially on same terms, but with only one name and the other name removed.
Is rescinding the contract entirely the best way to go?
Questions:
1. Am I liable for stamp duty on rescinded contract?
2. Does the recission of the first contract prevent me from getting the first home builder concession on the second?
Advice appreciated. Thanks.