We all know that when investing in property it is all about the location and timing.
There is sometimes the situation, especially in the case of speculation buyers and property investors, that they have just signed the Offer to Purchase when a 3rd party offers the new buyer a better price.
Can multiple transfers on one property take place?
Legally no, however, one is able to “on-sell” the property.
In this case, the transfer process needs to occur between the seller and the original buyer and then a separate transfer process between the original and new buyer.
Proper conditions are required in the 2nd Offer to Purchase. A conveyancing attorney would need to ensure that the correct conditions occur in the Contract of Sale.
These transfers take place simultaneously at the Deeds Office. As these are separate transfers, sets of documentation are required for each individual transfer.
With regards to the transfer costs, should the original buyer sell the property at a profit, the profit amount could provide the finance for both transactions.
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