I would like to purchase a house from one of my parents to provide an opportunity to realise equity (hopefully into another property).
As per the rates certificate the improved value of the house is $335,000. The house is currently under finance for approx $120,000. The house is located in city Victoria.
I have had an established trust (control without ownership per se) for a while that looks after another property and I would like to purchase this house to add to the portfolio.
Is there a way to minimise the costs associated with the transfer?
Is there another way to use the trust?
What would be the effect if my parent was to be a beneficiary?
I look forward to any comments you can offer.
Cheers.
As per the rates certificate the improved value of the house is $335,000. The house is currently under finance for approx $120,000. The house is located in city Victoria.
I have had an established trust (control without ownership per se) for a while that looks after another property and I would like to purchase this house to add to the portfolio.
Is there a way to minimise the costs associated with the transfer?
Is there another way to use the trust?
What would be the effect if my parent was to be a beneficiary?
I look forward to any comments you can offer.
Cheers.
