Canberrans – you need to read and consider this before selling your home!
The Canberra real estate market is going nuts.
We’re seeing couples sell their family home or buy a new home for themselves left, right and centre after separating, but all before they’ve made their financial separation agreement official (aka their property settlement).
When they tell us this, we think “uh-oh” and follow this up with the question, “Have you exchanged yet?”.
The reason we ask this question is because, if you’re selling or transferring ownership or your interest in real estate and you’re looking to possibly buy a property again in the ACT, sometime in the future, then you may be eligible for a stamp duty concession.
This eligibility (aside from your income and the purchase price of the future ACT property) is subject to your official financial separation agreement (ie. Your Financial Consent Order or your Binding Financial Agreement) predating the transaction date.
Resist temptation to make any big real estate purchases or sales before either getting advice from a lawyer or making your financial separation agreement official.
You could save tens of thousands of dollars!
You can find out more about your eligibility by visiting CLICK HERE
Ps. As to whether you might be eligible for a stamp duty concession on the purchase of a future property elsewhere in Australia if you’re selling or transferring or selling your ownership in a property, we don’t know. You’re best off contacting the local Revenue Office to find out.