hi there
we are currently in a sticky joint venture situation and desperately need advice on how to best move forward. our property is in frankston south in melbourne. Can anyone recommend a suitable consultant?
Many thanks
No, but maybe if you share your problem we can give you ideas on possible solutions
okay, we own half the property and our partner wants to buy us out because we now want to sell (which was our agreed plan in the beginning). problem is our partner will not accept our totally reasonable buy out figure. second problem is that we are owner occupiers so until an agreement is made … we’re stuck because all our cash is tied up in the property. very sticky!!
Hi Michelle. Sounds like it could get tricky. From a totally removed viewpoint, if the plan was to sell, then buying you out at half of a current market valuation would be very reasonable. You could always offer a slight discount as a partner too I guess at your discretion. naturally, they would benefit from the current market being lower with a val at this time, and you would miss out on any future capital gain – so it is hardly what would be called unreasonable on what essentially was a business transaction. Get a couple of independant property valuations if you can both agree on this method, and go halves. That’s the theory. All the best.
Hi Michelle
I would suggest that you both either call in agents for a market appraisal or get a sworn valuation. If that does not work put the property on the market and your partner has the option of purching the property in the open market. If you make that suggetion I am sure he will negoiciate. Keep in mind that whether you sell to him privatey or publicly he will still have to pay stamp duty. If you make a profit then capital gains tax may also be payable.
Nigel Kibel
http://www.propertyknowhow.com.au
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thanks for your input. i have had three real estate appraisals now, of which i worked out an average value .. our partner refuses to accept this so i suppose the next step would be a sworn valuation. fingers crossed we get things sorted soon as it is becoming quite stressful. [confused2]
also, when you suggest going to the open market, do you mean attempting to sell our 50%?
many thanks
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