help!!
am soon to inhert half a house in a small beachy town and am wondering as to the pro’s and con’s as to buying or selling
can anyone tell me if sales tax is applicable?
how they have come up with a fair price to buy out a siblings share?
thankshi chookie
simple don’t sell or buy .
lend on the property and split the lend between the two parties ( try to make a rental cover the interest rate and costs) and use you half to leverage to the next property.
selling is costs,
use the property the move forward.
no sales tax if you don’t sell.
if the others want to sell talk to an account and get him to structure it.
as a gift you are in agood position to hold put thats my 002here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]G’day chookie and welcome to the forum, I hope you glean something useful from it.
Regarding the inheritance you are one lucky sausage…well done.
My parents were involved with a similar deal about 25 years ago when my grandparents died leaving their PPoR to be equally split between the four children. This could have been a complete nightmare, but very surprisingly everything went very smoothly indeed.
The eldest brother got 3 quotes from 3 different REA’s and the median was established and agreed at 38K. Two of the other brothers said it was a complete dive and wanted nothing to do with it, they wanted their 9.5K and skidaddled. My mother and her eldest brother both said they wouldn’t mind it, and resolved that my mother would have it as the eldest brother was really neither here nor there and could do equally well with the cash as the house in other investments.
M&D took out a loan for 28.5K, secured against the property and paid out all 3 brothers.
Any perceived problem / issue fully sorted.
Unfortunately there is a sad ending to the tale. M&D sold the house 2 years later for 42K, and has since grown to be worth over 275K…oh to wind the clock back.
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