Browse Forums Home Finance 1 Jul 12, 2009 3:02 pm I'm trying to get a loan to build on land that doesn't belong to me. I need to transfer a small percent of the land(5%)into my name to be able to obtain a loan. The land belongs to my parents and i have contacted dept. of lands and i have 2 forms to fill in below, i also have to get valuation and pay some stamp duty. 1. Transfer 2. Notice of Sale Normally, a solicitor will do this but i got quoted $1000 and really would like to try to do it on my own to avoid the fees or if someone knows of a cheap solicitor in Sydney can u recommend someone please as i can lodge the forms myself just need help with a few legal terms on the forms. Re: Transferring Land need help with legal jargon? 4Jul 13, 2009 1:34 pm Homemaker, be very careful about the details of the structure of the title of ownership. What you sign off on now, will have an effect much later on Do you have brothers and sisters? rhetorical question so no need to answer Good luck though Where you are coming from is where you are going to... Re: Transferring Land need help with legal jargon? 6Jul 13, 2009 2:44 pm I suppose onc-artisan is just saying that these sorts of things can get quite complicated down the track, but you may have already thought of all the possibilities. For example, and this may not apply to your situation, your parents may have to pay CGT on the 5% they transfer to you, but that shouldn't be a lot. However, I presume that if you then go on to build a house on land that is owned as tenants in common they will also own 95% of the house (I may be wrong on this). If this is this case then that could complicate things for them if they ever need to go on the pension or again they may be subject to CGT on the sale or transfer of the house (again on 95% of the value) As I said, you may have looked at all of these possibilities or none of them may apply to you, but things can get very complicated. Good luck with it! 'chelle We have a hand-over date...15/10...but I won't hold my breath! http://people-in-glass-houses.blogspot.com/ Re: Transferring Land need help with legal jargon? 7Jul 13, 2009 3:02 pm Parents do all kinds of things... I know I am one 3 times over also producing kids of their own Lots of times this is to protect their interests or that of their kids In our case it was a target by a greedy, lazy sibbling Go figure Where you are coming from is where you are going to... Re: Transferring Land need help with legal jargon? 8Jul 13, 2009 3:07 pm I'm going 5% on their house of residence, i am building on another property that they own, they won't be going on any pensions, they will be self funded retirees. I know i have to pay stamp duty but CGT? huh? cause they have theoretically sold me 5 %, wonder how much that will be? we are not exhanging any money Re: Transferring Land need help with legal jargon? 9Jul 13, 2009 3:14 pm homemaker CGT? huh? cause they have theoretically sold me 5 %, wonder how much that will be? we are not exhanging any money I'm not sure if it will apply to your situation given that it is their primary place of residence, but yes even if you are not exchanging money CGT still applies. We transferred 50% of our block to me (was previously just in DH's name) and had to pay CGT. Again no money was exchanged. In order to work out the CGT the ATO required us to get an independant valuation of the block. But as I said this may not apply to your parents...you could ring the ATO, they were very helpful when we had questions. 'chelle We have a hand-over date...15/10...but I won't hold my breath! http://people-in-glass-houses.blogspot.com/ Hi there, I'm a conplete newbie to this, but I'm looking to put a floor down in my 6x9m shed. It's currently sitting on a 100mm thick concrete perimeter (dirt floor… 0 6467 Hi VK, I am now retired however I have stood beside over 300 owner builders in the past 18 years that have successfully built their own homes. First of all a building… 10 22663 Thank you @. Tried to play with the facade models but the exact colour is not matching up. 2 3258 |