have an idea can i split my house into 400 shares to sell to new mums but put the shares into their new babies names – shares will be for long term until that child turns 18 then house will be sold and all monies divided– also house will be rented out over the 18 yr period and all monies from that will also go to the share holders account omit all expenses can it be done ? and how can i do this ?
for something that complicated i'd seek legal advice in your state, aslo check any federal laws that may overlap and superceede them.
Yes, could be done but would be very costly and you would probably need a prospectus lodged with ASIC.
Also many tax issues.
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
Terryw wrote:Yes, could be done but would be very costly and you would probably need a prospectus lodged with ASIC.Also many tax issues.
thanks for your help i have tried to sell my house for so long now with 2 sales fall through because of finance a friend suggested i split the house into shares what else can i do to i need to sell and move asap
Pat007 wrote:for something that complicated i'd seek legal advice in your state, aslo check any federal laws that may overlap and superceede them.
many thanks for your help I'm so screwed up don't know what to do just at the end of my rope property in a good growth area priced to sell nothing to do easy to convert to 4 bedder is it the market ? i even have an agent helping me and i can not get a 100% sale
mcgrandles wrote:Terryw wrote:Yes, could be done but would be very costly and you would probably need a prospectus lodged with ASIC.Also many tax issues.
thanks for your help i have tried to sell my house for so long now with 2 sales fall through because of finance a friend suggested i split the house into shares what else can i do to i need to sell and move asap
Forget the selling in portions bit – it just won't work.
Recently it took me 14 months to sell a property – you may have to reduce the price further and change agents to get a result.
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
mcgrandles wrote:Pat007 wrote:for something that complicated i'd seek legal advice in your state, aslo check any federal laws that may overlap and superceede them.
many thanks for your help I'm so screwed up don't know what to do just at the end of my rope property in a good growth area priced to sell nothing to do easy to convert to 4 bedder is it the market ? i even have an agent helping me and i can not get a 100% sale
Well as your account isn't setup for private messages / email i may as well ask, where is the property situated and what are you trying to get for it ?
I recently sold in Melbourne. I had to drop to be the most competitive property on the market and it still took 8 months to sell. In total I had to drop the asking price by around $100k, but sold it.
Anything will sell at the right price. Most markets in Australia are slow at the moment, many are concerned about job security and interest rates are really uncertain due to the actions of RBA and the banks. Also valuations are coming in low in many areas, was this why your sales fell through?
Pat007 wrote:mcgrandles wrote:Pat007 wrote:for something that complicated i'd seek legal advice in your state, aslo check any federal laws that may overlap and superceede them.
many thanks for your help
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