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timoz

Subdiving property

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Hi all how are we, I am new to this property investing scenarios and would like to learn from your expertise. I am hearing a lot about subdiving the land and then build more than one dweling

is that possible anywhere ? How does this work? Also a 850 square land can hold how many sub divided dwelings? Who pays for the build process? Can a builder finance the project and give you couple of dwelings?

What are the tax implications. Can you please guide me with the right info or area/website/people who can help me to understand this process in depth. I am in victoria. Thank you in advance for helping me.

Cheers

timoz

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You need to speak to the council planning department about subdivision. Its not a cheap exercise, you will have to pay for the subdivision and the building of the second dwelling. It will depend on your neighbours whether they agree to the subdivision of the land. You have to make sure that you have funds in place to pay for the whole subdivision and finalisation before separate titles issue for the land, right down to the landscaping. You cannot receive any money until the titles are issued. If a deposit is taken prior to the titles being issued it has to be held in a trust account at the solicitors or the estate agents and you will not have access to that money until the whole subdivision is complete.

 

Seek legal advice from a solicitor not a conveyancer, conveyancers are not allowed to give legal advice.

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