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My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise but a guide to assist you.
If you do that it is a sale and will have to pay stamp duty on the transfer. So reducing your partners share from 50% to 12% will be a sale to you of the 38% and you have to pay stamp duty at todays rates.
The deed of loan is valid in court you may have to register a caveat or a mortgage on his part of the property to give it more weight.
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