Hi there,
I'm interested in buying a property owned by a relative. The value of the property is approximately $850,000 and approximately $250,000 would be inherited.
What is the best way to structure the deal to minimize capital gains for the current owner and minimize Land Transfer Tax for me?
Specifically, I'm interested in whether the agreement to purchase should be $850,000 or $600,000. I need to mortgage at least $450K. Any thoughts?
Also interested to hear from mortgage brokers on how the lenders would deal with this type of arrangement.
Thanks in advance.
I'm interested in buying a property owned by a relative. The value of the property is approximately $850,000 and approximately $250,000 would be inherited.
What is the best way to structure the deal to minimize capital gains for the current owner and minimize Land Transfer Tax for me?
Specifically, I'm interested in whether the agreement to purchase should be $850,000 or $600,000. I need to mortgage at least $450K. Any thoughts?
Also interested to hear from mortgage brokers on how the lenders would deal with this type of arrangement.
Thanks in advance.