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Kenny | 15 Feb 2020, 02:24 AM Agree 0

I currently have an investment Property which I invested off the plan, and finally received the property in September. I have tenants in the property. Say I purchased the property for 525k, and would now like to sell it for the same price or a bit above.

I am planning to buy a new property and need to close the loan for this property.

I was wondering how this will affect me financially with the below items:

Accounting Side: If I sell the property at the same price will there be any Capital Gain Loss/Gain being accounted for?

Selling Side: If I sell the property and still have a lease agreement with the tenants, will this be good for marketing the property online, as it will be a good investment property with tenants available?

Broker Side: Do we often need to pay the clawback fees with the mortgage broker? Say the 0.75% as per contract. You may need to pay this fee. Upfront Commission and Trail Commission (Would I be expected to pay the trail, if the mortgage was at say 0.15% pa, can this be waived, or do we pay the two years as the contract says if refinance within two years then this the clawback will be effective.)

Bank Side: How do Banks normally allow you to pay off your mortgage? Say I sell the property, with the money gained can I put just close the loan?
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