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Brisbane-Lawyer
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14361
Experience:  I did my law degree at the University of Queensland
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I am about to purchase a house and land, and the home loan

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I am about to purchase a house and land, and the home loan is currently being looked at by the bank. The total is $390,00 of which I will be putting a deposit down for $50,000. My daughter has an inheritance of $50,000 which (with my sister and I - both the legal executors of the inheritance) with agreement would like to use to help with the deposit. As my daughter is only 4 years old, she would not be able to go on the loan documents as she could not contribute to the payments, but I would like some kind of legal way that says she has a 1/8 ownership of the property. Is this possible?
I would like some kind of legal way that says she has a 1/8 ownership of the property. Is this possible?

Her $50,000 is supposed to go into a trust or a bank account in her name. But if you use her $50,000 to pay off the property, then even though she won't be listed on the title as an owner, she would still have an equitable entitlement to the money if she ever would sue you for it.

Should you have any other questions, please let me know.

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Customer: replied 3 years ago.
Hi,

Thanx for that. The money is currently sitting in her bank account. I understand that legally she has an equitable entitlement, but is there any way to have a legal document that says as much?
Legally all the owners can become tenants in common, meaning she can be listed on the title as an owner of the property with a one eight share, even though she is a minor. This type of ownership is not quite as common, and a conveyancing solicitor would be needed to make this happen.

If you're satisfied with the results of your question, then I'll ask you to please provide positive feedback so that I will get credit for the time spent on your question. Your question can continue even after you leave positive feedback, so if you have any follow up questions please don't be afraid to ask.
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