Selling a house to family member.

Discussion in 'Legal Issues' started by Nikolina, 1st Aug, 2016.

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  1. Terry_w

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

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    Is he on title?

    Best option would be for your sister to pay him out.

    You need to speak to a family lawyer about stopping him claiming for more down the track too.
     
  2. gecko235

    gecko235 Active Member

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    I would say he is and they have spoken briefly to a lawyer. Not many want to give advice for free haha
     
  3. Terry_w

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

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    Well she should get advice on several areas of law - family law, stamp duty, CGT etc
     
  4. gecko235

    gecko235 Active Member

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    Yeah they were trying to avoid laywers as its costly which is why they were thinking of buying it off her.
     
  5. Terry_w

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

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    how much could it cost em if he comes back in 6 months for a property settlement?
     
    legallyblonde likes this.
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    @Terry_w - I thought that property lawyers were cheap - family & criminal law costs you dearly (or at least QCs do).
     
  7. Otie

    Otie Well-Known Member

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    What happens if the parents sell the PPOR, give the proceeds to the child and child buys new PPOR with smaller mortgage that they all live in? Does the 5 yr gifting rule/ no pension still apply?
     
  8. Terry_w

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

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    Yes