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Urgent Help please!

Discussion in 'Buying Overseas Property' started by brayan, Sep 18, 2006.

  1. brayan

    brayan New Member

    Hi all,

    Quick bit of advice needed. I have a property I am due to go unconditional on today. I thought it was advertised as a lease option in the paper last week and because I got no responses I thought I should buy under LAQC, convert it to 2 units and hold it as a rental.

    Today I have found out that the ads have been published today not last week and I have had a lot of calls about it.

    What I want to know is if I go unconditional on the property in my LAQC then someone offers to buy it or do a lease option after I have gone unconditional, can I do a contemporaneous settlement with my trading trust for the same purchase price and then do a lease option or sell it from there?

    Or should I just purchase it in my Trading Trust from the start and still do the conversion if it doesn?t sell as a lease option and get the better rent but have the GST and tax on profit implications.

  2. bryant

    bryant New Member

    Hello Brayan,
    Sorry, I don?t have the experience to help, however this does raise an interesting question. When does "intention" become the governing factor in the purchase, as in this case clearly the original intention was to trade the property, can we change the intention before we go unconditional?
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