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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22310
Experience:  37 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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I am wondering if I am allowed to sell me house to my child

Customer Question

Hi
I am wondering if I am allowed to sell me house to my child for an amount that is less than market value, so it becomes their asset and I become a tenant
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.

You certainly can sell the house to your child for any amount that you want, or even give it to the child for free. There is no gift duty in New Zealand and so there is no problem. The only issue which can arise is if you are at risk of needing rest home care in the next five years. If you need the rest home subsidy, any gifting will be set aside. The other situation is if you owe money. If you give property away in the four-year period before bankruptcy, then the gift can be also set aside. If either of these situations is not relevant, then you should have no problem

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