All Topics / Help Needed! / Transfer of title with family

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  • Profile photo of Naremburn123Naremburn123
    Member
    @naremburn123
    Join Date: 2008
    Post Count: 61
    April 18, 2013 - 6:51 am

    Hi guys,

    I own a quarter share of a unit in Sydney with my family. My sister has a qtr and my folks have half. The loan was through CBA.

    Basically the bank has changed it's policy since the loan and getting any equity out would mean a whole new loan where everyone is liable for the full amount.

    If my parents bought out my QTR share, how would this work? Would I be liable for any fees etc? Or would we have to pay stamp duty again? Or anything like that?

    Cheers

    Naremburn

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 18, 2013 - 7:24 am

    Yes, stamp duty and conveyancing costs. Whole new loan too. CGT may apply as well.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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