I have recently inherited my Mothers house from her passing along with my two fellow siblings. One has recently decided that they want out of the ownership of the property. What steps do I have to take to buy their share out??
Thanks
Mike
Hi Mike,
Firstly, I am sorry to hear about your loss.
Now….welcome to the forum.
I have a few questions for you which may help me, and others in answering your query:
Is probate complete?
How long ago did you mother acquire the property?
Was it her primary place of residence?
When did you and your siblings become the registered owners?All of this may have a bearing on CGT issues as inheritance can carry some partial (if not total) exemption (depending on circumstances).
Furthermore, as far as legals are concerned, you may save yourself a few dollars by sticking to the same solicitor who is handling the probate.
Cheers,
Jo
Hi Mikesemple
Unfortunately I completed this personal scenario last year and handled it myself with professionals.
PM or email me for a chat and I’ll give you the details, maybe a bit morbid to torment a forum with these details.
cheers
crest133thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
hi Mike
There may be different tax implications depending on when your mum actually purchased the property too. It would be best to speak to a a lawyer who specialises in this area.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry,
Yes I agree, which is why I originally asked Mike how long ago his mother had acquired the property, but it seems “The Crest” may have handled the query off air, as he feels it may be too painful to deal with publicly, and having gone through it recently I am sure he can speak from experience (BTW Crest, I too have dealt with the same situation; it is a sad occasion, but nevertheless I realise one has business that must be attended to). Although I can’t see exactly why it was considered “morbid” I mean I am not asking any “personal” questions as such, but nonetheless I don’t disagree with it being handled in private. I do respect this decision.
Mike if you’re reading this, I would like to again, pass on my sympathies of which, I am sure everyone here shares for you at this time.
Jo
Hi Mike,
I’m sorry for your loss. My husband and I went through the same thing last year when my mother-in-law died and we bought out my sister-in-law’s share of the property.
We had to pay stamp duty on my sister-law’s share of the house that we were purchasing, but no capital gains was due for any part of it unless we decided to sell.
I hope that helps.
trish.Hi Monopoly
You’re very understanding, thank you.
Haven’t had a reply or acceptance of help yet from mikesemple, but the door’s still open.
My inheritance process was quite complicated, stressful and was a very steep learning curve for me. I had no prior knowledge, and felt I was swimming with sharks. If I could make a similar situation easier for someone else, it would be very satisfying.
You’re also correct that Mikesemple’s query requires clarification as per your questions.
Could be an interesting posting and thread when he replies.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Hey Crest,
That’s okay; as I said, I respect your decision and applaud your empathy in extending a helping hand to another, especially during such an emotionally challenging ordeal.
I hope Mike does get back to you, if for no other reason, but for a little bit of extra support, which can never go astray at such times.
Cheers,
Jo
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