Adding a 48 hour clause after signing an OTP

[Lupus]

Buy the house, and then sell it to the new potential buyer = instant profit

CGT would probably take that from him.

 

[Smokey888]

CGT would probably take that from him.

depending on how much more the 3rd party is willing to pay

 

[Kosmik]

CGT would probably take that from him.

Lawyers would take more.... and tax man.

 

[Lupus]

Lawyers would take more.... and tax man.

Well CGT is the tax man

 

[Kosmik]

Well CGT is the tax man

Not if its a primary residence, I was talking more in the line of transfer duty

 

[Smokey888]

Lawyers would take more.... and tax man.

Capital Gains Tax = Taxman

 

[Kosmik]

Capital Gains Tax = Taxman

read up.

 

[Lupus]

Not if its a primary residence, I was talking more in the line of transfer duty

There's that, also if it's over 2mill there's CGT.

 

[ld13]

dont ignore it. Inform the seller & attorney you are not agreeing to the terms

What is the worst that can happen if they ignore it 100%? (Assuming that the original signed document does not refer to this specific addendum)

 

[Kosmik]

There's that, also if it's over 2mill there's CGT.

Didn't know about the 2Mil part, I was under the impression primary wouldn't attract CGT. You are correct though.

 

[Snyper564]

Unlikely that in this case it would be the primary residence if you flipped it like this.

 

[Lupus]

Didn't know about the 2Mil part, I was under the impression primary wouldn't attract CGT. You are correct though.

yup was added a few years back.

 

[The_MAC]

I added an annexure to the sellers OTP that said the deal is subject to the seller providing approved building plans, after I discovered that the plans I got were missing all the additions.

The seller was a very nice lady, she signed it and got the plans approved - she could have easily told me to F'off, but she was nice.

Point: No need to sign, but put it in writing and involve the lawyers so that their sneakiness is known

 

[Alton Turner Blackwood]

Hi there,

Both myself and the seller of a house signed the OTP, we got the bond approved and transfer cost ready, a week later we get a annexure document from the sellers attorneys saying that we need sign the annexure for a 48 hour clause, it essentially says that the seller can accept higher offers and that we have 48 hours to counter the offer or otherwise the contract is void.

Getting an annexure after signing everything seems fishy? As though the buyer recieved a higher offer and wants to back out of our offer.

Is this legal?

Sign it just to fsck with them.

You've already accepted the quote from the bank? If so, there's nothing in the world they can do to pull out now accept damage the property on purpose.