Shared Ownership /Transfer of title.

Discussion in 'Legal Issues' started by Chris1992, 8th Dec, 2017.

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  1. Chris1992

    Chris1992 Active Member

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    So only 1/3 of the total profits then, even though they are staying on to be joint owners?
     
    Chris1992, 10th Dec, 2017
    #21
  2. Terry_w

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

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    See above!

    The other 2 are not realising their profits yet as they are not selling.
     
    Terry_w, 10th Dec, 2017
    #22
  3. wylie

    wylie Moderator Staff Member

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    I don’t understand why you would take “their” profits. Or am I missing something.

    You own one third and costs and profits and tax for your one third share are yours. If you sell you would deal with one third of all expenses and profits.
     
    Last edited: 10th Dec, 2017
    wylie, 10th Dec, 2017
    #23
  4. Terry_w

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

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    He is confused.
    This is a very straight forward situation so I am not sure why it is so confusing.
     
    Terry_w, 10th Dec, 2017
    #24
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  5. Scott No Mates

    Scott No Mates Well-Known Member

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    I never would have guessed.
     
    Scott No Mates, 10th Dec, 2017
    #25
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  6. wylie

    wylie Moderator Staff Member

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    You are entitled to any costs, depreciation and profit on sale for your one third only. You are not entitled to any profits for the other two thirds that are held by your siblings.

    Nor do you need to cover any of their expenses. It should all be split into three, so easy. You need an accountant.

    When they sell, they will pay their own capital gains tax. You are not the only one paying capital gains tax, but they will pay theirs down the track when they sell.
     
    wylie, 10th Dec, 2017
    #26
  7. dabbler

    dabbler Well-Known Member

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    lol....if you can pull of what your thinking of, I am in x100 ! lol...no....ROTFLMAO

    A perfect example of why to not do business or property with anyone but the other half....that has been hitched for a while at least.
     
    dabbler, 10th Dec, 2017
    #27
  8. Chris1992

    Chris1992 Active Member

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    Thank you for putting it in an easy way to understand. That is what I thought should happen everyone elses opinions were confusing me.
     
    Chris1992, 10th Dec, 2017
    #28
  9. dabbler

    dabbler Well-Known Member

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    No, you clearly thought you could take what was not yours, even if you paid all costs, that would be a great deal if they said ok.....(would have rocks in head to say ok)

    At least your asking, some people think this way and are stupid enough to start legal battles and never question own thoughts.

    If you can think logically, you could go through some other scenarios that would help make it clearer, one would be, if you paid 100k each to get in and bought a 300k property, and market crashed and property was only worth 100k now, would you consider throwing in cash to get out so others would still be at same starting point ? Would that make sense ?
     
    dabbler, 12th Dec, 2017
    #29
    Scott No Mates likes this.
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