All Topics / Legal & Accounting / joint investments – how to buy a partner out?

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  • Profile photo of Mcubed82Mcubed82
    Member
    @mcubed82
    Join Date: 2005
    Post Count: 32
    October 15, 2009 - 9:45 pm

    Hi there

    I have a house with my sister that we have had for the last 2 years, it was purchased in sept 07 in Margate, which is on the Redcliffe Pennisular for mid $300's.

    I am looking at buying her 40% out, please advise the procedure?

    thanks

    Mel

    Profile photo of ducksterduckster
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    @duckster
    Join Date: 2004
    Post Count: 1,674
    October 18, 2009 - 5:13 am

    Really depends on ownership structure on Properties Title.

    If Joint Owned then it would require a transfer of ownership with a solicitor. Stamp Duty and Capital Gains Tax would be payable with the transfer of ownership. If Joint owned she owns 50%

    If Tenants in Common she could own a 40% stake

    If a trust is used you need to talk to solicitor or accountant as there are different types of trusts.

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    October 19, 2009 - 11:16 pm

    You will need to speak to your solicitor regarding the transfer of ownership (with input from your accountant etc if you are to hold the property in something other than your own name). You will also need to arrange your finance.

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