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What is in a name? – Contract for Sale of Land

What is in a name?

What is in a name? 

Getting your name right on a Contract for Sale of Land is important.

When buying property it is important to know who the buyers will be.  Sounds obvious right?  What buyers do not often realise is that exchanging contracts under their personal names and then changing that later to a company name will incur double the stamp duty.  Now that is a large sum of money!

For personal names, check that the correct name, including any middle name, is on the contract. If you are purchasing in a company name, make sure that the company exists and is incorporated at the time of purchase.  This will prevent you from having to pay extra stamp duty later.

In addition, if you are thinking of purchasing a property in your Self Managed Super Fund, you would generally have a Trustee for the Super Fund. If the Trustee is a Company, it is very important that it has been created and incorporated as a Company prior to the purchase of the property.

Before signing a contract, always make sure the entity exists.

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