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Judgement order and purchase of relatives house

  • 19-09-2017 11:25am
    #1
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭


    Thanks in advance for any opinions.

    I have a relative with a large bank debt. They received a judgement order against their family home and so are being forced to sell.

    Given their age their family have come up with the money to buy the house. Their family have come to me (distant relative) as a third party to ask that I buy the house at market value with their money and sign an undertaking to transfer the house back to them once their bank debt has been cleared. Note that sale of the house will only partly meet the outstanding debt.

    I've asked to see the draft undertaking. Is there anything I should be concerned about from a legal perspective in this transaction.


Comments

  • #2
    nuac
    Registered Users, Registered Users 2 Posts: 6,769 ✭✭✭nuac


    Mod
    Talk to your solicitor.
    Sometimes transactions between relatives made with the best of intentions can turn sour
    Leaving open for general discussion, subject to rule re legal advice
    Any connection with your father's house referred to in the POA post on this forum?


  • #3
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    Thanks Nuac. Ive forwarded correspondance received from my relative to my solicitor for his legal persective.

    No this is not related to my fathers POA. Its his sisters house (my aunt) who has had a judgement order. And as a relative ive been asked to "buy" the house with the proviso of the undertaking to revert it back to her ownership.


  • #4
    seagull
    Registered Users, Registered Users 2 Posts: 2,342 ✭✭✭seagull


    I know you've only asked about this from a legal perspective, but have you given any thought to potential tax implications?


  • #5
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    Thanks all.

    I think I'll post on the taxation forum as well.

    I'd like to help as it's my dad sister/family. I've asked my solicitor to look at it. I won't be doing anything until I've had the full picture but it's good to get your opinions. The family have said they will cover all costs. However I am concerned from a tax view point of any CAT on the transfer of funds and then on house transfer back.

    Would anyone know why the family can't buy it? I'm still a relative so hardly an independent party.


  • #6
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


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