All Topics / Help Needed! / Development of 6 Units
Hi All,
We three friends have bought a house in an LMR zone.
We are planning to build 6 units on it.
We have three other friends who are going to invest in the project.
At the end of the project we want to transfer each unit to our individual name.
I have few of questions regarding the title :-
Should we add our other three friends into the title as well ? ( I know it will incur stamp duty)
when we complete the project can we transfer each unit to our individual name (someone told me we can’t do that)
say we did add other three friends to the title – since all of our names are on the title do we still have to pay stamp duty when we transfer it to our individual name?
would it be better if we transferred the house to a trust structure before we start building ? I understand we will have to pay stamp duty again to transfer the title to a trust.
Any information would be very helpful.
Thank you
Mia
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