Nice story, leg up from Dad Boy buys his first home aged just eight after successfully bidding on the $970.000 home in Sydney – Best Way News
So it should read: "Boy bids for dad at auction and dad says that he'll transfer the title into the boy's name. Eventually. Maybe. What about stamp duty? Actually, never mind, dad will keep them." Not quite as clickbaity though...
I found this part of the article interesting. "The average age of Sydney 1st house potential buyers is 38, in accordance to research by ING".
Yeah I'm pretty sure the contract of sale doesn't say Mr James Smith as trustee for Master John Smith or some such. Such a weird scenario. I was waiting for more of a spruik at the end to explain the gimmick more but maybe the journalist decided to not play to such an obvious ploy.
This kid bought property in the same way my 3 year old buys the families groceries, because I let her tap my card on the EFTPOS machine, or pick up some items off the shelf to put in the trolley. Props to dad for getting them interested and involved. But it's really not what the article is trying to spin it as.
Clickbait, in every way. Bored journalist? Slow news perhaps, with not enough deaths to further scare people. My twins bought their first iPad the other day, in the same way. Does that count?
My understanding is that this is not true. A child CAN own property, but they cannot take out a loan. So, the kid is going to believe that he owns this property, but Dad will be raking in the income & CG.
Agreed, so I don't get the intention behind why they did it this way unless it's some sort of spruik. His Dad is a property developer (and I think builder) so I doubt it's in his personal name either.
Yes, if the Dad was actually buying this for the kid, surely he'd just pony up the cash. I mean, I know it's a lot of money for the average Joe, but a successful developer who wants to buy his son a property should have that sort of cash on hand.
