HI all,
I was wanting to know what the process is costs to have someones name removed from a title in QLD?
Then I assume the property would need to be refinanced soley into my name. I imagine it would be a straight forward refinance assuming they bank deem I can afford it. I also assume the LMI would not pose a problem as long as it meets the required vaulation. I wouldn't be looking to borrow any more against it.
Thanks
Would have to complete a land transfer form of some sort to transfer the existing share to you.
Apart from standard lodgment fees, stamp duty would be payable and CGT might be applicable if it was an investment.
Cheers
Tom
You are effectively selling that person's interest in the property to the other one. Even if gifted stamp duty and CGT may apply.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Yes, you would need to convey the title to one name.
Costs
– tax advice
– legal advice
– conveyancing
– loan discharge
– new loan
– new LMI possibly
– CGT possibly
– stamp duty
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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