If you’re the owner of a property, can you just go on a day and buy it and then resell it?
“Well, if it’s property and there’s another buyer or two, then yes, it’s possible, but it’s rare. As a general rule, the people that you can trade with are the ones that are getting the highest value for the property.”
The last time people bought and sold properties for living was in 1999, and even then it involved people trading for an outright purchase, rather than selling an interest in the property.
The most famous example of such a transaction was the sale of 542 properties in London that were bought for £8.1m in 1999 to a pair of Chinese buyers, who later split the proceeds with another family.
There is an important distinction to be made though between the sale of an interest in an existing property and buying a new property. In essence, if the buyer agrees to sell the current property, and then you, or your partner, decide to buy it at the same price, it isn’t a real transaction, and you can’t transfer it outright.
If you’re looking for a property for sale with an obvious buyer, you’ll probably need to take a more cautious approach, or you could end up in the legal action arms race as a result of being in a bad position when buying a property.
Do you have any property ideas for this week’s blog? Email your thoughts to [email protected]
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An analysis by an American University economics professor puts the total cost of Obama’s health care overhaul at $1.2 trillion over a decade.
“Obamacare, in all its aspects, is an overpriced healthcare system,” said Robert Mendelsohn. “By that I mean that the costs, both in the long term and in the short-term, are likely to be high, but they might not be as expensive as advertised. What’s also clear is that the public is unlikely to be happy with the program in the short term
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