Selling property to family

Discussion in 'The Buying/Selling Process' started by moo, 11th Mar, 2012.

  1. moo

    moo Member

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    19th Jun, 2007
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    Location:
    Perth WA
    Hi all,

    I am in the process of selling my property to my parents at market value. We have agreed on the price and have the cash available. As I still have a mortgage, my parents is planning to get a bank cheque to pay off the loan.

    What is the process of here on in? Do I need a contract of sale for this instance? Or can I just goto a settlement agent to get the title transferred across? Looking to hear some thoughts as I am not keen to go through a real estate agent just to get a contract of sale drafted out.

    Thanks.
     
  2. Nemo30

    Nemo30 Member

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    I bought a property off my mum a few years ago - we went through a solicitor. The solicitor handled both sides of the transaction - As the solicitor was acting for both parties we had to sign something to waive any conflict of interest on the solicitors part.

    The process was essentially the same as any other purchase.

    As the seller, you would organise your solicitor to draw up the contract... your parents, through their solicitor sign the contract and pay the money.
     
  3. Terryw

    Terryw Investor

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    Any potential bankruptcy or family law issues?

    If not then probably settlement agent could handle.
     
  4. Dazz

    Dazz Banned

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    This sounds easy peasy.

    Valerie Haskins from Haskins Settlements would be my recommendation if you are in Perth.

    She's outstanding and rungs rings around most solicitors when it comes to transfering land in WA.

    Her prices are more than reasonable.

    http://www.haskins.biz/contact.aspx
     
  5. pennyk

    pennyk Member

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    we bought a house from my mothers estate. No agents involved. I used my own solicitor, as I'm also one of the executors and needed to keep a sense of being at arms lenght and also to make sure my husband wasnt disadvantaged
     
  6. barney8

    barney8 Member

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    31st Jan, 2012
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    Location:
    Sydney, NSW
    Just a quick thought.

    It might be worth talking to a solicitor about setting up a family trust?

    Just buying and selling assets between family members seems like a bit of a mugs game in terms of getting smacked with stamp duty.

    I have no idea of the ins and outs, but if you read this:

    http://www.cleardocs.com/extra-family-trust.html

    it sounds like something worth at least enquiring about?

    cheers barney