I'm in a situation that I think the wisdom of Ozbargainers will be valuable. I'll try to make the story as short as possible. Some years ago, my parents bought our family home. Due to financial difficulties, my father could not afford mortgage repayments. I still lived with them at the time,so I thought as a son, I decided to take on that responsibility. My parents and I came to an verbal agreement that I will get at least 1/2 value of the house if we ever decide to sell it. However, my name is not on the property title.
Fast forward a few more years, I was able to afford my own place and moved out with my partner. Our family home all paid off and my parent's financial was a lot better. Now, presently, we have a family discussion and my parents want to do something with the extra money they have. Since I was the biggest contributor to the house before, they allow me to decide:
- Demolish our family house and rebuild with a couple of units (one for them & one for me if I ever want to move back).
- Buy another property elsewhere for them to live (with my name on the title this time) and keep the old house (which is still under my parent's names)
- Any other options Ozbargainers think is better and wise.
Regardless which options I choose, I want my name in the property title this time. With option 1 & 2, it's possible that I will have to chip in and help them with mortgage repayments again. One other problem is that stamp duty. Do I have to pay stamp duty if I decide to go with option 1 and ask my parents to put my name in the land title? Is there any way to minimise stamp duty? I live in Victoria.
Thanks in advance and apologies if this is too long & confuse to read.