Hi Guys,
I am new to this forum came across it on google.
I am currently living in Victoria and looking at doing the following;
Transferring Title of house (as it is currently both in my name & partners name)
Tranferring Title of Home Loan (RAMS) as it is currently both in my name and my partners name
What are the costs to have this done & the process?
If soemone could point me in the right directions that would be greatyl appreciated.
Regards,
Riccardoforgot to mention that we are not married this may change some things.
Transferring from 2 spouses to one of you?
You will need a conveyancer or solicitor to do the conveyancing for you – unless you are capable of doing it yourself.
You will also need to reapply for your loan and negotiate exit fees. There will be govt charges such as discharge of mortgage etc.
If it is an investment property, or has been, or has been income producing etc then you will need to consider Capital gains tax.
You will also need to consider stamp duty. But you may be exempt
http://www.austlii.edu.au/au/legis/vic/consol_act/da200093/s43.htmlAlso will need to update insurances etc.
If you are at risk of bankruptcy you will need to consider the clawback provisions of the bankruptcy etc.
Also consider asset protection issues if the title holder is sued.
And don't forget the estate planning aspects such as changing wills.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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