Browse Forums Real Estate 1 Aug 17, 2009 4:51 pm Hello All~ I have a land block of 448 m2 in Point Cook, VIC with 14m frontage (32 width facing east) that I have signed to buy in Jan 08 but can't settle due to financial condition. The remaining settlements in the same stage were completed in June so my neighbours have already started building. The land developer rewrite the contract with current market price and accepted for and/or nominee and the settlement should be completed by 1st week of October. What is the best way to advertise for this as real estate agents doesnt seem to be interested as I am not allowed to sell for a profit as I don't own the land. What I am trying to get out of it is my deposit which I paid last year. Please advice. The price on my contract is 185K (which is the same as land office is selling for similar sized blocks but advantage with mine is it is ready to be built now).. I have paid 15K deposit. Our Entertainer - http://ausdreamhome.blogspot.com/ Re: Want to sell/nominate to sell my land - point cook 2Sep 06, 2009 10:47 pm Under a nomination contract you offer the other person to take over your contract for the same price as you originaly bought it for. You can also ask for the other party to pay advertising costs (private or through realestate) and you will not incure any stamp duty. The buyer signs the nomination cotract and gets a bank cheque made out in your name or the realestates for the amount of the deposit and advertising costs if you negotiate it. Your deposit will stay with the developer. The purchasers name will then go onto the land contract with the developer and they will settle with the developer. Also, you can not legaly write into a nomination contract a subject to finance clause which may spook a buyer. So what you do is sign the nomination contract, give it to the buyer where they will sign it, give a copy to the bank and once their finance has been aproved, they can hand the contract back to you with a bank cheque and the sale is made. I have a feeling, if you sell your house under a standard contract, you must honour your original contract with the developer first and pay stamp duty to the government. A block pre settlement can not be sold. The original purchaser must settle first before the buyer can purchase your block and they will pay stamp duty again. My partner and I just purchase a block oursleves under a nomination contract. Re: Want to sell/nominate to sell my land - point cook 3Sep 06, 2009 10:52 pm I don't understand why you aren't allowed to sell for a profit? We bought land through a real estate and paid way more than the owner did when he bought it less than a year before. The previous owner didn't own the land either as he had a mortgage with CBA. The block is in The Ridge Estate, Doreen. How is yours different? Re: Want to sell/nominate to sell my land - point cook 4Sep 06, 2009 11:11 pm The developer does not want people putting down a 10% deposite and waiting for the land to title, selling before settling at a handsome profit. Some developments such as Williams Landing will grant exclusive rights to the developer to buy the land back off you if you can not settle. If the developer does not wish to do so, then you may sell it at a profit. But you will need to settle first, paying all settlement fees, stamp duty and capital gains tax. I would imagine if a profitable sale is possible above paying all fees and taxes, then the developer will buy it off you for the original asking price. (Nominate themself to take over your contract, effectively handing back your deposite). Re: Want to sell/nominate to sell my land - point cook 5Jan 30, 2013 4:00 pm Hi there, did you manage to sell your land? Sounds like rubbish to me. Ask for the contamination report which I doubt they have. If it's part of a normal subdivision it would have had a contamination report done… 9 4889 Use a product like Equisol's Vitalise to clean the deck then coat with a penetrating timber oil. It will look 10 years younger and add value to your home. Visit for… 1 11220 I would be wary. Is you site demilished but nothing else done? Sounds like liquidity problems to me. Our builder did the same. Got hundreds of thousands of dollars of… 2 11920 |