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Changing the purchasing entity after signing

Changing the purchasing entity after signing

Q- Have you signed the contract but have later realised it needs to be in a different name?

A- Once the contract has been signed with a specific buying entity listed, it cannot be amended unless agreed by all parties. 
Changing the buying entity without taking the proper steps could result in serious stamp duty implications with the Office of State Revenue for all parties involved.

To prevent this from happening, it is important that a Deed of Rescission is signed by all parties and a new contract in the correct entity entered into. The Deed of Rescission protects all interests under the first contract, until the second contract is entered into making this a safe and affective process for all parties involved.

Please contact our office should you require any assistance.

See also: OWNit Conveyancing frequently asked questions.

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To learn more about when the owner of a property has passed away, contact OWNit Conveyancing on 1300 553 750.