A family member (who is around 70yo) is currently in the process of being separated (under the same roof) & lives in QLD.
Although the parties haven't agreed on a property settlement as yet, the other party (husband) has decided to put one of their rentals on the market using an agent without telling the other party. Property is held as "joint tenants" in Vic.
Question 1
I'm assuming that BOTH parties would need to sign for title transfer if sold, but can only one party sign up an agent to sell the property? And who would incur the fees?
Question 2
This time, another property they own - BUT in a joint SMSF.
Can the SMSF transfer the property to the other party as part of settlement for them to live in? Would stamp duty or CGT be involved?
Although she has legal representation, I'd still like to try & find out as much as possible for her so she can make sure not being ripped off as I'm not sure if the local legal guy she has is specialist family or property etc. I know things can be very tricky with property as many tax implications and some things can come back to bight her on the backside if not aware up front when negotiating a settlement.
Question 3
They have other rental properties as "joint tenants".
Is it correct that in this type scenario, if a rental property is "transferred" to one of those on the title for a settlement that the total CGT of that property also gets transferred along to the person receiving?
Thanks for your time.........
Although the parties haven't agreed on a property settlement as yet, the other party (husband) has decided to put one of their rentals on the market using an agent without telling the other party. Property is held as "joint tenants" in Vic.
Question 1
I'm assuming that BOTH parties would need to sign for title transfer if sold, but can only one party sign up an agent to sell the property? And who would incur the fees?
Question 2
This time, another property they own - BUT in a joint SMSF.
Can the SMSF transfer the property to the other party as part of settlement for them to live in? Would stamp duty or CGT be involved?
Although she has legal representation, I'd still like to try & find out as much as possible for her so she can make sure not being ripped off as I'm not sure if the local legal guy she has is specialist family or property etc. I know things can be very tricky with property as many tax implications and some things can come back to bight her on the backside if not aware up front when negotiating a settlement.
Question 3
They have other rental properties as "joint tenants".
Is it correct that in this type scenario, if a rental property is "transferred" to one of those on the title for a settlement that the total CGT of that property also gets transferred along to the person receiving?
Thanks for your time.........