answered
Q: Hi
Submitted to 'Real Estate' page but also a 'Legal' question:
6 months ago I purchased a house off the plan. I negotiated a 5% deposit but will have to pay the remainder next month.
I recently enquired in the same development for a relative and realised that they are now selling the same property as mine for a significantly lower price, a large financial rebate, many added features thrown in for free and even a $12k gift card. Whilst it is not ideal, I'm considering the opportunity this may present. My question is - what are my legal rights in terms of selling before settlement or forfeiting the contract and then repurchasing in the same development with the new terms? If it is simply a matter of forfeiting my deposit, then I would still be significantly better off. Are there other ramifications which would stop people doing this? I take it they won't simply amend my contract.
Any advice would be much appreciated!
Dan
A: Thanks all - appreciate it.
I will consult a property lawyer. Samantha if you could provide a recommendation that would be great.
Dan
answered
Q: Hi
Submitted to 'Real Estate' page but also a 'Legal' question:
6 months ago I purchased a house off the plan. I negotiated a 5% deposit but will have to pay the remainder next month.
I recently enquired in the same development for a relative and realised that they are now selling the same property as mine for a significantly lower price, a large financial rebate, many added features thrown in for free and even a $12k gift card. Whilst it is not ideal, I'm considering the opportunity this may present. My question is - what are my legal rights in terms of selling before settlement or forfeiting the contract and then repurchasing in the same development with the new terms? If it is simply a matter of forfeiting my deposit, then I would still be significantly better off. Are there other ramifications which would stop people doing this? I take it they won't simply amend my contract.
Any advice would be much appreciated!
Dan
A: Thanks so much for the response Brendan! I agree with all that you've said. I'm certain I'm neither the first nor last to go through this, so yes - the developers will be all over it indeed.
I guess my question is what am I liable for? Obviously there are scenarios where people don't make settlement for one reason or another so what are they forced to pay? Do they simply lose their deposit or can they then be sued or pay fines as well? If it's a matter of "tough luck, as per the contract we then get to keep your deposit", I'd actually be better off sucking it up and going down that path. Or I sell the property before settlement but I'd be surprised if this works out to be an option.
But like you say, I need to decipher this enormous contract or get someone who can.
question
Q: Hi
Submitted to 'Real Estate' page but also a 'Legal' question:
6 months ago I purchased a house off the plan. I negotiated a 5% deposit but will have to pay the remainder next month.
I recently enquired in the same development for a relative and realised that they are now selling the same property as mine for a significantly lower price, a large financial rebate, many added features thrown in for free and even a $12k gift card. Whilst it is not ideal, I'm considering the opportunity this may present. My question is - what are my legal rights in terms of selling before settlement or forfeiting the contract and then repurchasing in the same development with the new terms? If it is simply a matter of forfeiting my deposit, then I would still be significantly better off. Are there other ramifications which would stop people doing this? I take it they won't simply amend my contract.
Any advice would be much appreciated!
Dan
answered
Q: Hi team
My wife is a teacher that has just finished up mat leave but yet to return to any full time employment.
Whilst on mat leave, she undertook a makeup course. The course has assignments that require you to purchase makeup supplies but they advise to buy significant more to build up the kit once she starts working as a makeup artist. Currently, she hasn't got an ABN though will do as soon as the course is complete.
In her tax return, can she claim these significant expenses as either educational or work expenses? Reallistically they are both but not sure if recognised by ATO. How can we best structure this?
Thanks in advance.
Daniel
A: Perfect, thanks Brendan. It's clear now that any work related expenses or purchases should be made once the business is registered and earning revenue. Wish we had of spoken to you guys previously as the items certainly weren't cheap!
Regards
Daniel
answered
Q: Hi team
My wife is a teacher that has just finished up mat leave but yet to return to any full time employment.
Whilst on mat leave, she undertook a makeup course. The course has assignments that require you to purchase makeup supplies but they advise to buy significant more to build up the kit once she starts working as a makeup artist. Currently, she hasn't got an ABN though will do as soon as the course is complete.
In her tax return, can she claim these significant expenses as either educational or work expenses? Reallistically they are both but not sure if recognised by ATO. How can we best structure this?
Thanks in advance.
Daniel
A: Excellent answers, I am clear now. Thank you Todd and Anuraag for your time.
question
Q: Hi team
My wife is a teacher that has just finished up mat leave but yet to return to any full time employment.
Whilst on mat leave, she undertook a makeup course. The course has assignments that require you to purchase makeup supplies but they advise to buy significant more to build up the kit once she starts working as a makeup artist. Currently, she hasn't got an ABN though will do as soon as the course is complete.
In her tax return, can she claim these significant expenses as either educational or work expenses? Reallistically they are both but not sure if recognised by ATO. How can we best structure this?
Thanks in advance.
Daniel
