Hi guys.
l’ve sorted out my last dramma thankfully and l’m now eyeing of a new piece of land l’ve found l’d also like to grab .
lt’s abit much for me on my own right now on top of other things going so l was thinking of going 1/2s with someone and dividing into 2 down track once dust settled , how ever no hurry on my part as allot on.
l’d like to hold onto my 1/2 build and move onto it in a few yrs time .1ST one is if the other owner also wanted to build on his 1/2 is that doable under a shared title , VIC ? Rural/res 30 ac -15each
2nd one is is there a satisfactory way of setting up in two names , the other owner may want to sell his share or something later , may want to build , could go broke ?
Are there ways of doing this to generally cover things , l’d assume there’s a few different ways and set ups, tenants in common is one l know off , maybe many ?Cheers and may it be a good yr for all.
Do you intend to buy the land with two titles or a block that can be converted to two titles?
Wayne
Mortgage Adviser
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Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Originally posted by wanelad:Do you intend to buy the land with two titles or a block that can be converted to two titles?
Convert it later on !
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!It can be dangerous buying with someone else. You should get a solicitor to draw up an agreement. eg. http://www.lawcentral.com.au has a joint property purchase agreement which you may want to look at.
Also you will need to jointly take out the loan, so you will be responsible for the whole repayments if he can or won’t pay – and vice versa.
Terryw
Discover Home Loans
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Another big problem could be the shared title. My understanding is that most councils are very reluctant to allow this on a rural property. You would need to do a lot of investigation.
I have heard of several ways that people manouvered around these rules. Some were successful, but all were illegal.
Why are you looking at such a big piece of land?
Unless I could set up a community/torrens title situation, I would run away from this deal as fast and as far I possibly can.
Call me a chicken, but this sounds too much like a partnership and there is an old saying:
“The only ship certain to sink is a partnership.”
That said, I know a few successful partnerships. Steve and Dave were one for about 8 years. An aquaintance of mine has had a business partner for over 20 years. First they had a furniture shop together, now they look after their IP together. But I believe it requires a lot of trust from both sides and is properly more difficult to manage than a marriage.
Thanks for those and the link Terry.
l have asked my solic’ , he just reckons yeah no worries , find someone that wants a piece of it and l’ll draw you something up there’s a few ways to go . l left at that at the time, too early to panic but thought some of you guys might be old hands.
l wasn’t after a partenership or anything that friendly as such . Just a purely business means of purchasing the block l want . l could find something cheaper and do it solo but this ones got unmatchable views , location and zoning for later . That equals the mega bucks , always a nice bonus as back up.
l just want to build on my 1/2 and keep it but when l’m old and grey l can also sell most of it off . The other 1/2 would be in a position to subdivide or whatever they wanted because of it’s location , demand is huge in this spot.
Owell back onto the drawing board.
Cheers.
PS , Partener ships , yep had two , both flops for different reasons .
My brother actually wants to do this block but l reckon family’s even trickier .
Ofcause we do always have Hoges and Strop for inspiration don’t we. Whatever happened to the good old days of mateships and handshakes instead of the BS we deal with these days ?I presume that youalready know that it is able to be subdivided. A couple of sugestions.
Is it possible to puchase with a delayed settlement – long enough to get the subdivision approved. If so would it be possible to have a contact ready to go onselling the second block to your brother or whoever? Perhaps this would get around the need for a partnership with family. You could offer to sell to you brother at 50% of the total cost to you to make it fair. Or perhaps you could get more by offering it to the market there by cutting down your costs. (sales costs, and taxes to consider though – At least with your brother you could have it ready to go.
I am not sugesting this would work, just a thought I have had while reading your post. You would of course need appropriate opinions.All the best
TammyOriginally posted by tammy:I presume that youalready know that it is able to be subdivided. A couple of sugestions.
Is it possible to puchase with a delayed settlement – long enough to get the subdivision approved. If so would it be possible to have a contact ready to go onselling the second block to your brother or whoever? Perhaps this would get around the need for a partnership with family. You could offer to sell to you brother at 50% of the total cost to you to make it fair. Or perhaps you could get more by offering it to the market there by cutting down your costs. (sales costs, and taxes to consider though – At least with your brother you could have it ready to go.
I am not sugesting this would work, just a thought I have had while reading your post. You would of course need appropriate opinions.All the best
TammyThanks Tammy.
Considering the lot right now as it’s a million dollar purchase to begin with, too much for me on my own.
Cheers.
Why go to contract on the property with a partner when you could take Call Option out on your own.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Originally posted by Qlds007:Why go to contract on the property with a partner when you could take Call Option out on your own.
Cheers
Richard Taylor
What is Call Option , how does that work ?
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.
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