【Platinum Realty Investment 】
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What is nomination transition?
The nomination transition is that refers to the buyer A sign the pre-sale contract to pay 10% of the price as a deposit after the purchase of off the plan of a real estate , then before the settle，as a personal reasons can not continue the transaction, make the original pre-sale contract right Obligation to transfer to buyer B’s process.
In Victoria, the law policies that buyer A has the right to transfer the building as a original price to transfer before make the settle. The law policies provides for specific operational process , Victoria’s lawyers are familiar with this part of service, the nomination transition is also a common method of operation. In Victoria, buyers A find the buyers B, with the two sides witnessed by lawyers, signed the nomination transfer documents, then provides to the developers to make a signature，so the operation of the whole process is relatively simple.
In fact, when the market fluctuates, the price that buyer A transfers the uncompleted flats to buyer B may not exactly match the original price of the pre-sale contract, but will be fluctuate depends on market conditions and the two sides of the result of the negotiations.
Before the settle，the off plan transfer is tax-free.
After bought the off plan in Australia, how would like to do when the house loan hasn’t comes out? Reduce the minimum loss , this is the common target of the buyers recently, so give up the 10% deposit is too regrettable, but make a full payment will be not well.So we recommend the buyers can choose to transfer the nomination, and as fast as possible, there would not have the penalty .
Recently, as most of the banks in Australia tightened their lending policies to foreign buyers, many Chinese buyers who paid only the first payment in Australia were distressed.
But in fact you do not have to worry about that, for those who pay only the first payment of the buyer, there are three options will be available to them:
1. Give up the 10% of the down payment of funds to give up the purchase.
2. In the case of loans can not be passed, or think the personal loan interest rate is too high, choose to pay the remaining amount of the full payment.
3. However, in fact, the first two approaches are hard to come by. So the third option, transfer to the off plan.
In general, the construction period of apartment buildings ranges from two to three years, and the construction period of townhouses ranges from 15 months to 24 months. The resale buildings are handed over as soon as they are submitted. For example, 3-6 months submitted, so some of the people become worried, so it will be beneficial for customers who do not want to wait.
In general, the construction period of apartment buildings ranges from two to three years, and the construction period of townhouses ranges from 15 months to 24 months. The resale flats are resold approximately at the time of delivery. For example, 3-6 months submitted, so some of the people become worried, so it will be beneficial for customers who do not want to wait.
The example of Victora, the stamp duty is around 5.5%. According to the new policy issued on 1st of July in 2017, overseas buyers will have to pay an extra 3%. Therefore, overseas buyers have to pay 8.5% stamp duty, which is not a less amount. However, because of the different types of turnovers, stamp duty is calculated on the basis of the stamp duty incurred when the first buyer signs the contract. If you are buying before pre-tax concessions, you will be very much in demand in the market.
So far, Platinum Real Estate Investment Group has successfully helped hundreds of customers to transfer out uncompleted property, and both of buyers and sellers are very satisfied with our services. Platinum real estate investment group not only have the available property in Melbourne CBD, but also have the apartments and townhouses in other popular areas. Therefore, according to different needs of different customers, our team will correspondingly recommend appropriate real estate for you. In platinum real estate investment group, you will certainly be able to appreciate the professional, meticulous, one-stop service.
If you do not want to settle your house, or want to transfer your uncompleted flats, please feel free to contact us and we will provide professional service for you.
For more details, please consult our Assignment department,