Q. Is the name of the Purchaser on the Contract really that important?
A. Yes. It is extremely important that the name of the purchaser on the Contract is accurate at the time that the Contract is signed to avoid any stamp duty implications that may arise through subsequent changes to the Buyers name on the Contract. Where a Buyer is purchasing a property for investment purposes it is crucial that prior to signing the Contract the Buyer obtains advice from an accountant or financial planner as to the best purchasing entity for them to purchase the property in.
What are the essential elements of a contract of sale on lands?
TIP – Always formally confirm the identification of the Buyer when completing a Contract to ensure that their name accords with their identification or records and raise any discrepancies with the Buyer for clarification.