Inherited estate share buyout question

Discussion in 'The Buying & Selling Process' started by x1royka, 16th Dec, 2021.

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  1. x1royka

    x1royka New Member

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    16th Dec, 2021
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    Location:
    Victoria
    How's it going here's a brief run down of my question

    My brother and I inherited a house it's currently under the estate still will be turned over to our names once sold etc.

    However my friend is interested in buying out the 50% share from my brother and we would co own. Is this a complex process seeing as it's under the estate? From researching I assume it would just require a conveyancer and our lawyer with the will? Is it as straight forward as that in terms of signing a property over?

    Obviously will seek legal council just trying to gauge the situation and gather information before I contact them.

    If anyone has dealt with something similar or knows how it works would appreciate your input!

    Thanks for taking the time to read have a great night
     
  2. Trainee

    Trainee Well-Known Member

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    Australia
    Why do you want to co own with your friend?

    Did it use to be ppor of the deceased? What are the cgt implications?
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Once sold, neither of you will own the property, you will have cash.

    If your brother is agreeable to selling his share, then your friend will need to agree a price (needs to choose if they each use one valuer or one each to value the interest in the land & whether they split the difference or appoint an arbiter to decide the difference).

    Each party will need a solicitor (or will the transfer be part of the legal advice provided to the estate?)
     
  4. Terry_w

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

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    The estate or your brother could sell their share, depending on the wording of the will. Being a deceased estate or inherited asset doesn't make it complex. it is just like any other partial sale except there may be some tax differences.