How did you contract with them?

That reads like an advertisement!

Then why are you concerned?

Shares of a jointly owned property are fixed at settlement. You will either own as tenants in common which could be 50/50 or any unequal % or as joint tenants which is considered 50/50 for tax purposes.

It is still possible to use strategy 3 – one joint owner selling their interest to the other joint owner. Must be the whole interest though for…[Read more]

No such thing as a love clause!

You could sell to your spouse, but this would result in duty in VIC. There used to be an exemption for transfers between spouses, but now only if gifted and end up 50/50 owners.

Here is a link to an old thread on here where I outlined 13 strategies you could…[Read more]

Not transferring title doesn’t mean that CGT doesn’t apply. In many cases it does
a) granting an easement
b) granting a life interest
c) declaring a trust
etc

Yes I could review legal documents for you. I testamentary trusts are a speciality of mine. Was it drawn up after legal advice? You can email me direct if you wish.

But then again it might.

Thanks Jacq

I could view that page even without being a facebook member.

There is a link on that facebook page to a private binding ruling from the ATO:
https://www.ato.gov.au/law/view/document?docid=EV%2F1051448104408&fbclid=IwAR3zSnp9aviI6ahdprn3ovHXEfpX8Z9v7O5pAZKFwzJ7PnJ79PgKLbnPlIc
Authorisation Number: 1051448104408

These rulings only…[Read more]

who owns the property?

What is the link for this please.

This is trick as there are different aspects so you would need tax, legal, credit and financial advice.

Probably best to check with a broker first that your potential smsf trustee can in fact borrow. Macquarie have just pulled out of SMSF lending so there is a dwindling source and lenders out there. I can only think of one, Latrobe, off the top o…[Read more]

Hi Property Buyer

I will try to squeeze you in, I think you may have emailed me but I am not sure of your real name now so could you please send me another email with your phone number and I will give you a call.

Has the property always been the main residence?
Ever income producing before moving out?
claimed another property as the main residence during the same ownership period?
spouse had a different main residence during the same time?
land less than 2 hectares?
Tax residents?
Not owning as a trustee?

If none of the above applies it would probably be…[Read more]

Not really my area of interest, your conveyancing lawyer should be able to advise.

A property lawyer should be able to advise on this. laws differ from state to state.

Will be hard to get a loan with a family member providing a security guarantee if they are not benefiting from the property. ideally you would get the family member to borrow and lend to the entity purchasing.

Commercial generally needs at least 30% deposit plus closing costs so it can eat up a lot of your equity/cash. Also can be harder to…[Read more]

The contract is conditional upon finance being granted, so if no finance is granted you could terminate the contract provided you have complied with the other clauses.

There is nothing mentioned in these clauses about an extension, or a letter.

Where will the deposits come from?

Do you think values where you are renting will increase in the near future?
renting is probably cheaper than owning so no point in buying unless you think values will grow faster than what if costs you to rent (renting – home costs)

That is really a personal decision with a bit of growth predictions thrown in.
Selling one property to buy another will generally eat into about 10% of the value, assuming CGT free, as you have agents fees, stamp duty etc.

But it could work out better as you would be saving non-deductible interest.

Consider some alternatives such as a related party sale.