IVA on a investment property that has been resold

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11 Oct 2006 12:00 AM by daniela Star rating in Duquesa. 167 forum posts Send private message

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Hi,

We are completing on a DV apartment on Monday.  We are buying off a vendor who bought the property from the Developer.  Obviously the price has increase since the original deposit being put down and I wanted to know whether we pay the IVA on the original price or the price we are paying now.  Our solicitor has given us a price breakdown and she has put the IVA as 7% of the original purchase price.  Is this right?  Or are we going to get another bill from the govt. after the sale has gone through?

Help!!

Daniela


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24 Oct 2006 11:15 AM by superprop Star rating. 5 forum posts Send private message

Hi Daniela,
You probably have an answer to your question by now but I believe your lawyer is correct because you have bought the Private Purchase Contract from the Investor which has the original price to the developer which you will complete on.  The difference is paid to the investor who has gained from the investment.  The IVA is due on the purchase price and the Investor gets back the IVA paid with the deposit.


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24 Oct 2006 1:25 PM by daniela Star rating in Duquesa. 167 forum posts Send private message

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Thanks.  We have completed now and we did pay the IVA on the original price which was a nice surprise!  Spare money for the community fees!

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