Best way to transfer ownership of house?

[radelaide]

Looking to transfer a house from my dad to myself, one reason is that he wants another lady to move in with him, but doesnt want her to get half the property if she lives there for some time. He wants to keep the house within the family. (one of many reasons)

What is the best way for him to transfer the house to me? No issue with him selling me the house, and I will charge him rent to live there. Then every few weeks I can just drop the cash around to his place... (he will sell me the house for effectively)

thoughts?

 

[Ian (WA)]

Radelaide,

Have a look at a thread started by JASA I just replied to in the "Legal Issues" section of the forum......it may be of some help to you.

Cheers,

Ian.

 

[Ian (WA)]

Oops, just realised as the property is already in certain names a transfer / stamp duty / capital gains event will be triggered. Sorry I'm not sure you really have much option.

I haven't researched "gifting" sufficiently......do you have an accountant you can speak with? If not, it might pay to get one.

Ian.

 

[pickle pickle]

If the house has always been your fathers PPOR there will be no CGT for your father.

However I can't see how you can avoid stamp duty (which will be based on market value of the house, not the transfer price).

You really need to speak to an accountant about the best way and entity to transfer the property to you.

 

[Terryw]

You have to be careful doing this as it can still be possible for the new woman to make a claim against the property in the future. Also what about the proceeds from the 'sale'. These could be at risk too. If there is no money changing hands then it she will have a stronger case that you are his trustee holding the property for him - and the family court can make orders against trustees.

Also, what happens if you are sued or have a family law issue?

 

[marg4000]

Depending on the age of your father, Centrelink benefits may be affected.
Marg