Hi OB Members,
Say you have a sibling who will never be taking up the First Home Buyers grant, and you already have with your partner. Is it possible to buy the property under their name and then transfer ownership into your name? Or would this be an illegal practice or is it even possible to do?
Lastly, im correct in that when you first purchase with a partner and use the FHB grant that it cancels it out in the future for both parties?
Bloody stamp duty.
Happy Friday all!
Cheers,
Chris ~
What if the sale price was $1 when it was transferred into our name? Or im assuming you dont get to set a sale price and it goes off last purchase priuce or evaluation or something?
OF course it's based on an independent valuation.
yep - was figured it was a long shot :p
surprised you can find anything to use FHB in Sydney….
Is it possible to buy the property under their name and then transfer ownership into your name?
Siblings are not not classify as your de facto partner but i'm pretty sure if they buy and transfer to you are liable for transfer duty
http://www.osr.nsw.gov.au/taxes/transfer-land
ie, you probably end up paying more than just doing it without FHB due to additional costs involved…legal fee etc
Lastly, im correct in that when you first purchase with a partner and use the FHB grant that it cancels it out in the future for both parties?
http://www.osr.nsw.gov.au/sites/default/files/file_manager/O…
read the Eligibility section down the bottom
basically yes, you need to both buy seperate before you are classified in de facto relationship to both get the grant
ps
like any advice you receive from strangers on the internet….get it verified by a proper source :)
Of course - just dipping the toes in the water so to speak.
Appreciate the reply!
Wouldn't you loose any benefit because you'd incur the stamp duty again when "buying" it off your sibling?
You should probably say what state you're buying in.
seems strange you cant transfer instead of preforming an actual sale… what about in the movies where the ex-wife or something sells the property for $1 :s
cancel that… of course its not strange - government sticky fingers and all
I wouldn't get your legal advice from movies.
Actually im planning on hiring reese witherspoon as she was awesome in legally blonde - i definately have a case
@chriskq:
I wouldn't recommend a Hollywood movie lawyer at all. Clearly you'd need a local movie lawyer, like Dennis Denuto.
It's the vibe.
In WA, if a transfer is made between related parties, it needs to be independently valued. Pretty much the only way you're getting out of paying it is if you never transfer the property into your name.
Just asked my accountant friend:
Yes. But You will have to pay stamp duty when the property is transferred into your name.
See above
Yes