Asked by Ange9999
Hi Gurus,
I bought a condo apt in 2008 with a distant relative, 50-50 share own. Now my relative wants to sell her 50% share to me and I am not sure should I buy or not... as there are so many setbacks and taxes/fees to pay. Will you please help to see if my understanding below is correct or not:
- I will have to pay the additional 10% stamp fee of the sale price.
- sale price will be the amount equivalent to 50% of the value of the house (say 1 million).
- If I want to sell the apartment in 2013, 1 year from now and 5 years from my original 50% ownership, I will have to pay the additional 16% for seller stamp duty of the selling price - will it be on the 50% that I may buy this year, or on total selling price (100% value of the apartment?).
- It's now expensive to buy than to sell, in my case if I have to sell before 4 years of buying, but I want to consider as it helps my relative who needs money urgently.
Thanks for your time, your feedback is greatly appreciated!
I bought a condo apt in 2008 with a distant relative, 50-50 share own. Now my relative wants to sell her 50% share to me and I am not sure should I buy or not... as there are so many setbacks and taxes/fees to pay. Will you please help to see if my understanding below is correct or not:
- I will have to pay the additional 10% stamp fee of the sale price.
- sale price will be the amount equivalent to 50% of the value of the house (say 1 million).
- If I want to sell the apartment in 2013, 1 year from now and 5 years from my original 50% ownership, I will have to pay the additional 16% for seller stamp duty of the selling price - will it be on the 50% that I may buy this year, or on total selling price (100% value of the apartment?).
- It's now expensive to buy than to sell, in my case if I have to sell before 4 years of buying, but I want to consider as it helps my relative who needs money urgently.
Thanks for your time, your feedback is greatly appreciated!
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