When a purchaser enters into a Contract of Sale to purchase property and/or land, they rarely imagine that they will not be able or willing to complete the contract of sale and take possession of their new property. However, it is possible to nominate alternative purchasers. This is called a nominee sale and provides the option for someone who has purchased a property but cannot settle on it, an opportunity to find another buyer to step in and have the contract transferred to their name and finalise the settlement becoming the ultimate owner of the property at settlement.
The nomination process is completed by signing a Deed of Nomination or Sale of Real Estate Nomination form. We recommend that purchasers obtain legal advice about whether nominating an alternative purchaser under a contract of sale is the right move for them, and how the nomination can best be documented to protect their interests.