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STAMP DUTY OFFER
From 1 July 2017, NSW Government abolished the 12 months deferral of payment of stamp duty for residential off-the-plan purchases by investors.
For a limited time, if you purchase an apartment at Flour Mill, we offer to advance the stamp duty payment to the Revenue NSW (formerly Office of State Revenue) on your behalf when it is due and allow you to reimburse the duty paid when your purchase of the Flour Mill apartment completes, giving you more time to save (Offer).
The following terms and conditions apply:
1 The Offer only applies to purchasers who do not require FIRB approval and is open to investor purchasers who do not meet the ‘residence requirement’ as defined in Section 49A(1B) of the Duties Act 1997 (NSW) (You).
2 The terms of the stamp duty advance and repayment will be documented in a separate agreement between the vendor of the Flour Mill apartment (Us/We) and You to be entered into simultaneously with the contract for sale (Stamp Duty Agreement).
3 Subject to You entering into the Stamp Duty Agreement, We agree to pay directly to Revenue NSW the stamp duty payable on Your contract for sale of the Flour Mill apartment (Contract) within three months of the date of the Contract, provided:
(a) the Contract is unconditional;
(b) You have paid the full deposit equal to 10% of the purchase price payable under the Contract; and
(c) You are not in breach of your obligations under the Contract.
4 You agree to repay the stamp duty paid on the Contract to Us by no later than the settlement date under the Contract.
5 If the Contract is cancelled for any reason, You must:
(a) pay the refund of stamp duty to Us within 2 business days of the date on which it is issued by Revenue NSW, if the refund is issued directly to You; or
(b) to enable Us to obtain the duty refund directly from Revenue NSW:
(i) provide an irrevocable authority to direct Revenue NSW to issue any stamp duty refund to Us rather than You;
(ii) do all things and sign all documents required to enable Us to obtain the refund of the stamp duty paid on the Contract; and
(iii) provide a confirmation, in the form of a statutory declaration (if required) that the rescission or termination of the Contract was not to give effect to a sub-sale of the property subject to sale under the Contract.
6 For the avoidance of doubt, if We are unable to obtain a refund of the duty from Revenue NSW within a reasonable time (for any reason), You must repay to Us the amount of the advance within 2 business days of receipt of a written request from Us. If this occurs, any subsequent refund of duty will be payable to You.
7 The amount of stamp duty we agree to advance is limited to the amount of duty in respect of the transfer of the property subject to sale under the Contract to You. The advance offered by us will not extend to any interest or penalties payable due to late payment of duty, or duty assessed on any novation or assignment of the Contract by You to any other party.
8 If You are in breach of your obligations under the Contract, We are entitled to demand immediate repayment of the stamp duty amount advanced by Us and You must repay this amount within 2 business days of the demand.
9 You agree that, despite any terms of the Offer, the liability for duty remains as prescribed by Section 13 of the Duties Act 1997 (NSW).
RENTAL GUARANTEE OFFER
Looking for an investment? For a limited time, if you purchase a Durum Silos apartment we will guarantee your rent for 12 months at a rate of 5% of the purchase price, (Offer):
The following terms and conditions apply:
1 The Offer only applies to purchasers who:
(a) do not require FIRB approval and is open to investor purchasers who do not meet the ‘residence requirement’ as defined in Section 49A(1B) of the Duties Act 1997 (NSW) (You); and
(b) purchase either a 1 bedroom, 1 bathroom apartment (04 stack) or 2 bedroom, 1 bathroom (01 stack) apartment within the Durum Silos building (Apartment).
2 To obtain the benefit of the Offer, You must enter into a valid contract for sale of an Apartment (Contract) and the Contract must be validly completed by the due date for completion prescribed by your Contract.
3 The rental guarantee period will begin on the day after the date for completion under the Contract and will not exceed a period of 12 months.
4 You will be responsible for all costs associated with leasing and management of your Apartment.
5 During the rental guarantee period, the vendor will be entitled to:
(a) select a tenant for the Apartment; and
(b) receive and retain all rent paid by the tenant of the Apartment.