Taking over Mortgage

I am interested in hearing from people that have taken over other people's mortgages and have had the title transferred in your name via a take over deed or similar. How did you structure the deal and what your experience was like?

What are the advantages and disadvantages of taking over someone's mortgage and title? What are the CGT and tax implications?

Thanks - KB
 
I am interested in hearing from people that have taken over other people's mortgages and have had the title transferred in your name via a take over deed or similar. How did you structure the deal and what your experience was like?

What are the advantages and disadvantages of taking over someone's mortgage and title? What are the CGT and tax implications?

Thanks - KB

You mean 'buying' someone's property?

In Australia mortgages are not usually able to be transferred. A lender will want the seller to discharge and the purchaser to apply for their own loan with a new mortgage.

All the usual taxes apply including stamp duties.

And, if you are being sold a property by a person who later goes bankrupt and you have provided less than market value for consideration then watch out for the clawback provisions of the bankruptcy act.
 
Back
Top