Browse Forums Buying Land 1 Mar 06, 2020 6:46 pm Urgent advice needed. We have signed our land contract after our conveyancer has gone though the contract. Now our vendor is saying that we have to pay a land tax of approx $8000 which was not mentioned to us before. Just 3 days before the settlement our conveyancer has revealed this to us. Has anybody paid such a huge land tax just for an approx 680sqm land? Is this justifiable? Re: Land tax ( contract of sale) 2Mar 06, 2020 7:44 pm Not much you can do now is there? It depends on the land tax clause in the contract. In NSW land tax is assessed at 31st Dec so if it was still in the developers name they might want that from you via a clause in the contract. If you settled before then there you might have been able to avoid it. Did you have a solicitor involved? Almost sounds like a professional indemnity issue if you were not informed. It all depends on what you signed. might need some legal advice, cheers Pulse Re: Land tax ( contract of sale) 3Mar 06, 2020 9:48 pm Pulse Not much you can do now is there? It depends on the land tax clause in the contract. In NSW land tax is assessed at 31st Dec so if it was still in the developers name they might want that from you via a clause in the contract. If you settled before then there you might have been able to avoid it. Did you have a solicitor involved? Almost sounds like a professional indemnity issue if you were not informed. It all depends on what you signed. might need some legal advice, cheers Pulse Hi Pulse We have our conveyancer involved. Neither she nor developer has informed us about this. Just before the settlement, they revealed this which is very unfair. Conveyancer did not mention about this before signing the contract then what's the point in appointing the conveyancer just to give us this kind of surprises at the end. She said today there is a fine print in the clause which is very conflicting and when we said we are happy to go legally, then she mentioned that we will lose anyway and at the end we have to pay the penalty fee on top of the interest for delay. Who is the best person to get the legal advice for this? Re: Land tax ( contract of sale) 4Mar 07, 2020 10:38 am I think your conveyancer has let you down here. The developer had it in the contract so unfortunately it is a case of buyer beware. It is one of the risks of not using a solicitor. You need some independent legal advice I think. good luck cheers Pulse the exemption applies only to your principal place of residence - so you must live in it. The 200 days is continuous. You also have to apply for the exemption. 2 13320 If it's your primary residence then there is no tax deductions to be made. 4 125337 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16569 |