Progress report
We've just had a visit from an accountant because we need to set up companies over here. I think we'll end up with a company trust, which will be for Michael's business and works as a normal limited company but with a trust attached that can distribute profits. He'll be registered for GST, which is the Australian equivalent of VAT but at the more sensible and easily calculable rate of 10%, and he'll have a company number. And I'll be an employee, getting paid for the behind-the-scenes admin work that I do! Plus I'll have my own sole-tradership for my art-related work. I've had a lot of it explained to me but it will take a while for the information to settle and make complete sense, but I don't have to do anything until I get back from the UK.
Meanwhile, we've been speaking to the estate agent and our solicitor about Lot 31 North Boambee Road. Everything is still on hold, although having spoken to the Rural Fire Service, planners and our architect it does seem probable that we will be able to build on the site. We have been advised, however, to put a clause in the sale agreement which says that while we'll pay the deposit up front, we'll only complete on the sale once we've gained Development Approval (which is not quite the same as planning consent - it refers to the principle of building a house on a particular part of the property and how this relates to things like building and fire regulations, not to exact plans for the actual house which would still require planning consent) within a specified time-frame. If this is accepted by the vendors we would have to spend money on surveys, soil testing and possibly a Bush Fire consultant but if after all of that we found we couldn't build where we want to build then we wouldn't be held to the contract. Presumable we'd forfeit a small part of the deposit and not the whole thing, which is something I want to check! But to begin with, we are establishing whether or not the vendor is prepared to agree to such a clause in the contract. I can't help but feel that it would be in our best interests: we are straightforward people, we're not trying to muck them around, and we're the only interested party at the moment. Plus, of course, all the things that are making the purchase tricky for us will affect any future purchaser, so surely they're better off allowing us to sort out the problems and go ahead. Aren't they?
Meanwhile, we've been speaking to the estate agent and our solicitor about Lot 31 North Boambee Road. Everything is still on hold, although having spoken to the Rural Fire Service, planners and our architect it does seem probable that we will be able to build on the site. We have been advised, however, to put a clause in the sale agreement which says that while we'll pay the deposit up front, we'll only complete on the sale once we've gained Development Approval (which is not quite the same as planning consent - it refers to the principle of building a house on a particular part of the property and how this relates to things like building and fire regulations, not to exact plans for the actual house which would still require planning consent) within a specified time-frame. If this is accepted by the vendors we would have to spend money on surveys, soil testing and possibly a Bush Fire consultant but if after all of that we found we couldn't build where we want to build then we wouldn't be held to the contract. Presumable we'd forfeit a small part of the deposit and not the whole thing, which is something I want to check! But to begin with, we are establishing whether or not the vendor is prepared to agree to such a clause in the contract. I can't help but feel that it would be in our best interests: we are straightforward people, we're not trying to muck them around, and we're the only interested party at the moment. Plus, of course, all the things that are making the purchase tricky for us will affect any future purchaser, so surely they're better off allowing us to sort out the problems and go ahead. Aren't they?
posted by Sara Bowen at 12:28 am
0 Comments:
Post a Comment
<< Home