“Sell one, buy two” was such a widely used piece of property advice, I would be shocked if every property agent hasn’t uttered it at least once. And while the practice is less common today, some buyers still definitely do it: transferring the home to just one co-owner (usually a spouse or some other family member), so they’re free to take on an entirely different property. Given that this has been going on since way before COVID, it’s a bit of a shock to some – agents included – that it is, in fact, illegal; if done specifically to avoid the ABSD. But what does that mean? Here’s the lowdown on this head-scratcher:
How one couple’s legal dispute ended up alarming everyone
In an odd twist, it’s one couple’s legal battle over a property that brought all this to light recently; and they even broke up before they got to buying another property anyway....