All Topics / Legal & Accounting / Offering gifted deposit??

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  • Profile photo of amazon196969amazon196969
    Participant
    @amazon196969
    Join Date: 2004
    Post Count: 15

    Hi guy’s n gal’s,
    I am selling my property with the offer to gift the full deposit so it’s easier to find a buyer as I am moving interstate.
    I am not handing the money to them and plan for it to fit in at settlement somehow.
    Apart from the capital gains I will pay on the selling price is there anything else I should be aware of or any tips or advice???
    thanks in advance
    Kylie

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Kylie

    Not sure how much you are offering them but remember most lenders wont take a gifted deposit so the lvr they can obtain might be quite low i.e 80-90%. Other issue is that the buyers lender doesn’t value the property at your sale price given there is no real estate agent involved.

    Again lenders only advance against purchase price or valuation whichever is the lower.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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