All Topics / General Property / buy and build with other people

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  • Profile photo of xuxucomxuxucom
    Member
    @xuxucom
    Join Date: 2012
    Post Count: 12
    February 19, 2012 - 8:56 am

    Hi all,

    I am having an idea of buying a block of land with one of my friend and then build a duplex on top. We both will keep one as our PR. We both need finance if this happens and the mortgage will be splitted to 50/50. Any one did this before? Is this idea feasible?

    Really appreciated for your advice.

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404
    February 20, 2012 - 5:13 am

    Be careful if buying land in both names then building a duplex. You will find that instead of owning one each you will both own half of both. Speak to someone in the know BEFORE you buy the land to ensure to is purchased correctly. Otherwise you may find yourself paying stamp duty twice to change the title.

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