To Have and to Hold
Most people buy a home for plenty of reasons, of course aside from the
fact that it is a necessity, it could also be a big investment for the
future. Preferably most people buy a home either as a single or as a
couple. Some couples decide to hold a property in only one name because
if the other partner is involve in a business and if something goes
wrong, the creditors may have the chance to claim the property. Also if
the couple's relationship end up to separation, it is not a good idea
for the person whose name is not on the title.
Sometimes two or more single people, especially close friends combine
their sources to buy a property. It could be because individually they
could not afford to have one. If you do this, make sure that all the
papers are properly documented and in a legal agreement which covers all
the rights and interests of all owners. The agreement should protect the
interest of each person if in the event that one person will decide to
sell his or her share someday.
In Australia, family homes are not subject to capital gains tax when
sold. It was discussed that it is unwise to hold the property in a
family trust because it would lose it's principal residence exception.
Despite this advice some people think they could have this way to their
advantage.
Before you decide to buy a property consider the circumstances that will
go along the way, try to take a closer look into the situation and take
into account whose name will appear in the title.
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