All Topics / Finance / Adding Spouse to Title

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  • Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    I understand adding your spouse to the title of your home does not incur stamp duty. Which Government body handles this in NSW? Is adding your spouse name onto the title, adding their name onto the Torrens register? Are you supposed to tell your mortgagee first? Will the mortgagee have something to say about it if your spouse is added to the title?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    You need to think carefully before you do this as there are many issues.

    You will need to discharge the mortgage and to enter a new mortgage again. This will involve a new loan application. You will need to get the transfer stamped by the OSR before the mortgagee will settle and they will deal with the registration on title.

    In NSW stamp duty is exempt under certain situations only. one spouse going to both spouses 50/50 TIC or JT.

    There are estate planning, asset protection and potential tax issues so speak with a lawyer before you do anything.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Thanks for the reply.

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    Australia don’t have married status?
    that’s whatever is owned by one spouse is also owned by the other spouse 100%?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Australia don’t have married status?
    that’s whatever is owned by one spouse is also owned by the other spouse 100%?

    Nope.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    and family is such a strong emphasis in Australia? :D

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Dont understand what you are getting at?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    Dont understand what you are getting at?

    in countries that have strong family laws, adding a spouse to the ownership title is with little issues

    Australia very focus on building strong family, but such a big issue to add spouse to ownership title?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Still not sure what you are getting at.

    Adding a spouse to title is easy to do, but it has wide ranging consequences in terms of death, control, borrowing and banktruptcy etc. This would be the same for most countries.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    As Terry said, it’s quite simple to add a spouse to a title – the real question is whether this is necessary and effective in helping with your goals moving forward, or just increasing risk exposure.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

Viewing 10 posts - 1 through 10 (of 10 total)

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