Advice on how to Sell house to my sister

Discussion in 'The Buying & Selling Process' started by Rickk, 23rd Dec, 2019.

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  1. Rickk

    Rickk New Member

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    QLD
    Hi,
    Hopping someone could give me some advice on how i would go about selling/rent to buy our previous hose to my sister.
    We moved to QLD an have been privately leasing our first home located in SA out for about 5 years.
    A year ago we used equity from SA to buy in qld and would like to get rid of the rental and at the same time help my sister and fam get back in their own home.
    My sister and partner have recently started a business witch is doing well but don’t think they would be able to secure a loan atm.
    I’m happy for them to rent, rent to buy or whatever. .
    Or could you recommend a professional to contact in either sa or qld.
    Thanks for your time.
    Cheers rick
     
  2. Trainee

    Trainee Well-Known Member

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    Will you be selling to your sister at below market value? Do they want your old place etc?
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Installment contract? She can be given permission to reside there and pay you off slowly. You keep loan and transfer later.
     
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  4. Dan Wood

    Dan Wood Well-Known Member

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    Dunno about you guys, I'd just give her the hose and be done with it. :p
     
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  5. Scott No Mates

    Scott No Mates Well-Known Member

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    I'm with @Terry_w, a fair installment contact ie a deferred settlement, an agreed price, caveat by your sister on the property (so she has some claim over it), her family paying installments and all costs etc until she is in position to refinance. That may work for everyone.
     
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  6. Marg4000

    Marg4000 Well-Known Member

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    It’s a sad fact that many (If not most) businesses fail in the first few years, so your sister is still in the high-risk stage despite doing well at the moment.

    For now, why not simply rent the house to them, review in a couple of years if a sale to them is appropriate.
     
    kierank likes this.
  7. willair

    willair Well-Known Member Premium Member

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    Rick there is someone Qld Based that would be able to take you through the process just search for RPI ,the ONLY worry i would have is the way this is set-up with the family and the link with the business and the morality
    of what plan 'b' who have in place if the business goes belly-up or someone in the family has a fall-out which can destroy a family very quickly..if it was me i would sell everything split the profit then start again..imho..
     
  8. hammer

    hammer Well-Known Member

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    Hi Rick, I can't help with the legal parts of the question but after having done "business" with family before.....I would say be very, very careful.

    These sorts of deals can hurt families more than help them.

    Despite the best intentions...things happen.

    What happens if your sister stops paying? What if they trash the joint and it costs you thousands?

    Why doesn't she have her own place already?
     
    Ted Varrick, kierank and Terry_w like this.

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