Hi
My wife and her parents are in discussions about the possibility of us buying their house to help the out in accessing the equity in their house to enjoy their retirement. We are proposing a Terms type contract over 6 years where we gradually pay off the house and they would remain as tentants. I'm wondering whether this is the best way of structuring the deal or whether there is perhaps a better way of doing it from both sides.
Damian
Stamp duty would make this expensive. But these days without an income it is difficult to borrow.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You mean you have to pay the total price of the property within 6 years without gaining the interest? Do you think there would be no problems in your agreement? Consult a property advisor regarding your concerns; documents and written agreement of both sides must be carefully studied.
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