Good afternoon,
I am after some advice about purchasing property from family.
My partner and I are wanting to purchase his childhood home from his mother (which we have already discussed with her), however, we are unsure how it will all work. All parties agree that everything will be done through contracts. Here is the scenario/proposal:
My partner and I borrow say $100k from the bank to give straight up to his mum
We then pay a fixed amount each week (or whatever agreed frequency) to his mum
Reason: it gives her a solid income for the next 10-15 years and we aren't paying interest to the banks
Is this a fairly simple contract or more complex? It would be a "Tenant's in Common" situation, right? So instead of there being the Crown on the title it would have his mum's name?
Also, would we still be eligible for any FHO grant? It is not a new build, so I know we wouldn't get that full amount any way.
Thank you,
I am after some advice about purchasing property from family.
My partner and I are wanting to purchase his childhood home from his mother (which we have already discussed with her), however, we are unsure how it will all work. All parties agree that everything will be done through contracts. Here is the scenario/proposal:
My partner and I borrow say $100k from the bank to give straight up to his mum
We then pay a fixed amount each week (or whatever agreed frequency) to his mum
Reason: it gives her a solid income for the next 10-15 years and we aren't paying interest to the banks
Is this a fairly simple contract or more complex? It would be a "Tenant's in Common" situation, right? So instead of there being the Crown on the title it would have his mum's name?
Also, would we still be eligible for any FHO grant? It is not a new build, so I know we wouldn't get that full amount any way.
Thank you,