Hi There,
I have currently been offered 2 properties at a prelaunch price around 5000euro below luanch price,it go's somethng like this,he will accept a 7% deposit and the rest at closing.
I am hoping to sell the house before closing and assigning the contracts as heard that this is possible and I would not have to pay7 stamp duty.
Price prelaunch:205K with 7%deposit of 14K
Launch price:210K
Build time approx 9 months
Sale price based on projected priserise: 224K approx
Profit 19K approx
Thats the basics guys but I am not sure of :
1)Tax position on profits(if lucky)
2)How does the legal side work is this possible to do and how(assignable,subcontacts etc)?
3)What if I cant sell whats my position?
4)Anything else that can go wrong,besides house prices decreasing?
Thanks
I have currently been offered 2 properties at a prelaunch price around 5000euro below luanch price,it go's somethng like this,he will accept a 7% deposit and the rest at closing.
I am hoping to sell the house before closing and assigning the contracts as heard that this is possible and I would not have to pay7 stamp duty.
Price prelaunch:205K with 7%deposit of 14K
Launch price:210K
Build time approx 9 months
Sale price based on projected priserise: 224K approx
Profit 19K approx
Thats the basics guys but I am not sure of :
1)Tax position on profits(if lucky)
2)How does the legal side work is this possible to do and how(assignable,subcontacts etc)?
3)What if I cant sell whats my position?
4)Anything else that can go wrong,besides house prices decreasing?
Thanks