Would stamp duty apply if I bought my brother's half of our inheritance?

By George Cochrane
Updated January 17 2018 - 9:43am, first published December 19 2017 - 9:25am

I have an enquiry as to whether NSW government stamp duty would be payable in the following scenario. My elderly widowed mother owns her Torrens title home outright. In the event of her passing, my brother and I would be the sole beneficiaries with equal shares. I wish to keep the property and pay out my brother's share to him. He does not want to come to an agreed value with me as he feels it may not be the market value at the time, which I understand. He wishes to sell the property and then receive his half share of the sale price. My enquiry is that should I be able to convince him to accept a registered valuer's valuation of the property and pay him out, or if not, the property is auctioned and I am the successful bidder, and I pay him his half of the purchase price and keep the property, would I need to pay any NSW government stamp duty, as the property will have been bequeathed to the two of us in the will? Also, would any special conditions need to be mentioned in the will to allow this to happen? M.S.

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