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Hi Guys
i've just been present with the oppurtunity to buy myself a second property off my mum. As i'll be buying it at a 20% reduced priced this seemed like a no brainer! and as she's not one to mess about she'd like to do it within the next few weeks… so what do i need from me and her (in terms of bits paperwork for WA gov and banks) to get this deal happening?
thanks in advance:)
Contact your Conveyancer/solicitor they will give you the full requirements but it will include rhetorical contract of sale, zoning certificate, sewer diagram as a minimum.
If you trust your mum you may just need a transfer, and probably a valuation.
Just watch out on the finance side as many banks will only lend on the transfer price. You would need to tell them it is a family sale and you are buying under value. Stamp duty would be chargeable on the value too (as would CGT), so it may even work out better if you transfer it at market value – this will help with finance and help your future valuations too. Your mum could then give you a gift.
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
champy1 wrote:Hi Guysi've just been present with the oppurtunity to buy myself a second property off my mum. As i'll be buying it at a 20% reduced priced this seemed like a no brainer!
Having bought from my parents all I would say is make sure you get a valuation done to prevent any angst/conflict this may cause with your siblings, if you have any, down the track when the subject of inheritance comes up. Your relationship with family is worth more than houses, in my view, but both are completely possible with forward planning to keep things clear with siblings.
Other than that, all we did was use a common solicitor to keep legal expenses down (and bargained with him beforehand) but we still had all the searches/valuation done. Parents assisted with financial arrangements to keep banks out of it. We still had to pay stamp duty.
Good ;luck, sounds like a good deal.
