Selling 1% ownership

Discussion in 'The Buying & Selling Process' started by DeeKay, 10th Nov, 2020.

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  1. DeeKay

    DeeKay New Member

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    I own 1% of a property and want to get out. If I want to leave do I need to pay the full value of the stamp duty or just 1%.
     
    DeeKay, 10th Nov, 2020
    #1
  2. Terry_w

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

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    The duty would be on the value of your 1% if the land is in NSW. Don't forget CGT too.

    But if there is a loan secured by a mortgage over the property a new loan application will be needed from the 99% owner.
     
    Terry_w, 10th Nov, 2020
    #2
  3. Trainee

    Trainee Well-Known Member

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    Most likely just the 1%. Who owns the other 99%?
     
    Trainee, 10th Nov, 2020
    #3
  4. DeeKay

    DeeKay New Member

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    Oh I forgot about CGT. How do I work that out?
     
    DeeKay, 10th Nov, 2020
    #4
  5. Terry_w

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

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    on your 1%
     
    Terry_w, 10th Nov, 2020
    #5