NSW Tenants in Common - Buying Out Father's Share?

[James01]

Hello,

My father and I are 50/50 tenants in common on a property I live in and I now want to buy his share out.

Do I need a formal contract of sale or do I just need a written agreement and the NSW Transfer form completed and then from reading online I have three months to pay the stamp duty?

Can I reasonably do this myself as I am pretty handy with forms and lodging with Govt departments, etc?

Thanks in advance.

 

[Tim W]

It's one of the biggest non-business transactions you will ever make.
It's needs to be done correctly. You are not transferring rego on a used car.

Your father would be well advised to seek separate advice about any tax implications for him personally,
and (if he is a Centrelink client) any impact on any pension or other payment (for example, his pension level may be affected, perhaps to his benefit).
If there are any child support of other family law factors in play for you, then you should get advice about that.
I most strongly suggest getting a solicitor to assist you.

 

[James01]

It's one of the biggest non-business transactions you will ever make.
It's needs to be done correctly. You are not transferring rego on a used car.

Your father would be well advised to seek separate advice about any tax implications for him personally,
and (if he is a Centrelink client) any impact on any pension or other payment (for example, his pension level may be affected, perhaps to his benefit).
If there are any child support of other family law factors in play for you, then you should get advice about that.
I most strongly suggest getting a solicitor to assist you.

Thanks Tim,

Yes, agree with all that you have said. Will consider options.

Cheers

 

[Tim W]

Thanks Tim,

Yes, agree with all that you have said. Will consider options.

Cheers

One parting thought... it will cost you a lot more to fix up problems
than it does to get it done right the first time.