Forum Replies Created
- christianb wrote:Hi Leo,
Pretty much any arrangement can be bound contractually. In your case it may be worthwhile to consider becoming tennants in common on title. This protects the interests of your mother and your own interests if you are either tipping in cash or asking the bank to do so on your behalf. Later, if the property is sold in whole or part the owners on title are each entitled to a share of the gain according to their portion of ownership. There are of course more complicated trust structures that would allow the benefits to be funneled as the trustee (or trustee company) sees fit.
These are not simple structures, so make sure you get sound advice.
And good luck.Thanks for the reply. As Tennants in Common on Title will I need to purchase a portion of the property and incur Stamp Duty costs? If not, how is the best way to arrange this?
P.S. Just visited your website, congrats on move to Collins St. I may come visit depending on how this all goes.
Thanks
Leoyes, but with income from 3-4 townhouses covering Nursing home costs in addition to borrowing costs should be OK.