Inherited House, How to Go about It Removing Siblings Name?

Zabuza on 30/05/2016 - 17:37
Last edited 31/05/2016 - 10:50 by 1 other user

Hi,

I have a few questions. about me and my 2 siblings inherited home (I know it is better to seek the proper advice but want to know what I should expect, in terms of fees etc )

Now me and my 2 other siblings are living in the home. My elder sibling is the trustee of the estate and I believe the title is also under my elder siblings name. We are arranging so that I am to pay them their share of the house in the near future (2 Years).

How would the process go? Is there any person in a similar situation to me?

Would it be that they would get dropped from the estate and allocate me as the trustee? Would there be costs on the transfer of name for the title?

Financial

Comments

  • ProjectZero on 30/05/2016 - 17:58
    +3

    Go to a solicitor? They will sort it all out for you… I'm pretty sure they know better than most OzB'er unless most OzB'ers happen to be solicitors….

    • chumlee on 30/05/2016 - 18:23
      +2

      Yes go and see a solicitor about it. Wills can be complicated and you want to make sure you get this correct so you don't leave yourself open to a challenge of will.

  • subywagon on 30/05/2016 - 18:30

    A solicitor will do it no problem for you, especially if everyone is in agreement. They will create a contract with terms everyone agrees on. You will probably be looking at up to and around maybe $1000 in solicitor fees as my guestimate from past dealings with solicitors. YMMV of course.

  • Euphemistic on 30/05/2016 - 19:10
    +1

    We did Similar years ago, twice. First bought out my wife's sister, then her brother in a house they had equal shares in. Simple process with costs similar to buying a house with a solicitor.

    • Zabuza on 30/05/2016 - 19:46

      So even though I own a equal share we would have to pay fees as if I was buying the house for the whole amount of what its worth?

      • orourke on 30/05/2016 - 20:30
        +1

        Whether you pay $600 or $1000 or whatever for the Solicitors fee is going to be at the back of your mind once you find out that you're going to have to pay stamp duty on the % of the house that you don't own (or are not entitled to under the will). You will need to also pay a valuer to get an independent valuation for stamp duty calculation.

      • Geewhizz on 31/05/2016 - 06:22

        So even though I own a equal share we would have to pay fees as if I was buying the house for the whole amount of what its worth?

        Yes, they still have to do all the transfers etc. What you need if in Qld (could be different elsewhere) is a Family Transfer. A conveyancer could do it. From memory, we were quoted around $600 about 3 years ago.

      • Euphemistic on 31/05/2016 - 07:27

        For the solicitor, yes, the fees are very similar. The process for them is essentially The same as buying, changing title etc. you won't need things like building inspection though, so will save a few dollars there compared to buying a house outright.

        Stamp duty is nasty too, and you will need to pay the share equivalent to the share of the house you are buying.

  • oscargamer on 30/05/2016 - 20:24
    -1

    solicitor

    • MrBear on 31/05/2016 - 17:18

      he just wants some general information first and an example of costs. he knows he has to go to a solictor.

  • denuto on 30/05/2016 - 20:58

    I'm a lawyer. If you're in Victoria, the transaction will attract duty and that duty can be substantially reduced if you are a beneficiary of the estate. The process is a bit complex. I expect the same would apply in most States. The cost of a lawyer will be more than recovered in the duty saved

    • altomic on 30/05/2016 - 21:20
      +2

      thanks Dennis. how's the photocopier going?

      • tomsco on 30/05/2016 - 22:43
        +2

        It's the vibe.

  • tonyjzx on 30/05/2016 - 22:41
    -1

    This is the worst place to ask. Literally. I would talk to a good lawyer. Then another lawyer.

    • altomic on 30/05/2016 - 23:20
      +3

      I think the worst place would be in an ISIS training camp. but each to their own.

      • subywagon on 31/05/2016 - 02:08

        halol

      • kiitos on 31/05/2016 - 22:45

        I dunno, they seem pretty good - too good - at removing siblings (or anyone else, for that matter) from all sorts of property…

        • tonyjzx on 01/06/2016 - 00:23

          I have no access or knowledge of ISIS so I cant confirm that. User Altomic might.

          I do have access to this place and the level of professional knowledge is low, very low. You probably are better off with ISIS.

        • altomic on 01/06/2016 - 23:23

          @tonyjzx: nice try tonyjzx. NSA have already pinged you with their "key word" search engine.

        • tonyjzx on 02/06/2016 - 21:08

          Come at me bro. Here's another one.

          Assassinate Obama. Sarin. ISIS. VX Nerve Gas. Free Snowden.

  • Seraphin7 on 31/05/2016 - 12:31

    You will need to speak with a specialist lawyers in this instance. I would suggest sounding out those both in property and wills/estates. You need to be careful as you may attract stamp duty on the sale of the portion you don't already own. I have had some previous experience in a similar matter and you may be able to have things handled through the estate to everyone's mutual benefit, but this is quite a complex procedure. Specialist, professional advice is the key here.

  • Brendoo on 31/05/2016 - 15:22
    +1

    Is selling the property as a whole an option? If sold within 2 years of the person passing away, no CGT is payable for you or your siblings. And obviously no stamp duty.

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