I was just curious if it is possible to purchase half a property. If two people purchase a property they can go 50-50 right? What if the other person is the current owner? Any thoughts?
Scott
It is possible.
The title will be amended to reflect the new ownership. You acn also specify the % split.
Another idea is to leave the title as is but have a solicitor draw up an agreement, obviously this is less secure but may suit some circumstances such as a family arrangement. It wont incur stamp duty either I don’t believe.
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Don’t see why not as long as long as this is clearly specified as joint tenants.
Hi JS,[
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yes, but but may be subject to conditions determined by nationality status with both parties,see http://www.firb.gov.au/content/default.asp and click on freq asked questions
Regards
Bryce InglisThanks for the replys. Would banks be willing to loan for this kind of arrangement, in particular if only the agreement was drawn up, title left as is?
mmm I am guessing Scott isn’t Japanese? [8D]
Scott, That would depend on lots of things including the relationship between the two parties. I couldn’t advise here without enough info to make some calls.
Post more detail or just email it to me if it is not for public display.
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Hi guys
Some general comments about going 1/2’s in properties.
When getting finance you still have to gaurantee the full loan amount.
If the other party does the wrong thing you could be caught. If that is not a concern then what about if someone wants out, best to have a pre written up exit clause.
Finally when you go to buy new properties the banks will see this property as fully debted to yourself and may affect future eligability with some banks.
westanNo, Scott isn`t Japanese. Just working over here, but doing some thinking about property investing for when I come back.
Thanks for the offer Simon, but at the moment there are no real details, just putting a few questions out there.
So many options for investing! Thanks for the info!
Scott
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