Hi,

Have a buyer for a condo, hopefully. Lets say agreed price is 4.5mill; land departments valuation, 4mill. Buyer is suggesting we can minimize tax by declaring it an 'urgent' sale and declaring sale price as 3mill (with a separate contract for full sale price).

Thoughts and implications??

Thanks

Seeing as for tax they use the higher of the land department valuation, or the sales price, then it wouldn't make much sense to declare a price lower than 4mil.

If the land office valuation is 4 Mil thats it, unless you know someone there that will allow you to pay on a lower value.

Thanks. Have since been told that its common practice for this particular tax - forget the name.