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Purchasing property with family member

Discussion in 'The Buying & Selling Process' started by gach2, 4th Apr, 2016.

  1. gach2

    gach2 Well-Known Member

    Joined:
    30th Jun, 2015
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    213
    Location:
    sydney
    Not experienced at all with legalities in terms of purchasing a property with someone else.

    Pretty much with a family member purchase a lot and subdivide into 2 lots and each member takes a new lot.

    Finance is not the reason for joint purchase as each party has the ability to buy the property on their own and subdivide and sell the lot they are not interested in.

    Just rather not pay anything 2wice (purchase costs - extra stamp duty as there should be a rise in value once in 2 lots and CGT if ATO wants to include if i purchased the lot and sold a subdivided lot to a family member as im assuming it would have to be sold at market value)

    Would it be possible to purchase together and each person takes their share when subdivided without incurring the costs?.

    Family members are household members already sharing finances as it is and any monetary issues would be last thing on mind where there is a dispute between the members
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    18th Jun, 2015
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    Sydney