Hi there and thank you for your question,
I will try to assist you with your legal question but please feel free to ask as many follow up questions as you like until you are 100% satisfied.
Legally, the property is still registered in the father's name, so he is the legal owner of the property. The children however would have a claim against the father for the money that they've paid into the bond, or repaid the father. Basically the father should be listed as the seller of the property, and he should give the proceeds from the sale to the children. That is all.
Legally the father would be liable to pay any capital gains tax on the property, as he is the owner. This can't be argued around.
I think that it doesn't actually make a practical difference to the parties who the owner is, or who pays the tax, as long as the father is happy to give the proceeds of the purchase price to the children.
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Good luck and best regards,