Changing title deed

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petrus
Member
@petrus
Join Date: 2003
Post Count: 3
February 17, 2004 - 3:58 am
Hi everyone,
My partner and I have an investment property in Perth.
We purchased it last year. It was our first property so we were a bit nervous. Anyway, the title is listed as tenants in common with the amount split 50/50. We had decided at the time that it should be 70/30.
So at this stage I’m looking at getting the title deed change to that amount (70/30). I’ve called a few settlement agency and I still not sure how much I would need to pay to get it changed over.
Lets just say our property is valued at $240,000
How much would it cost to get it changed over.
Can someone please show me how to calculate this?
Julia
Member
@julia
Join Date: 2004
Post Count: 217
February 17, 2004 - 7:23 am
petrus,
Why are you changing the title deed? You may be able to use salary sacrificing to arrange the best tax position with no stamp duty costs and lots of flexability. Have a look at the Salary Sacrifice Rental property kit on http://www.bantacs.com.au.
Julia
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 17, 2004 - 12:47 pm
I guess you would be up for stamp duty on half of the 30% share that you are transferring and legal fees. Legal fees may be about $500 and the stamp duty owuld be about $1200.
Terryw
Discover Home Loans
North Sydney
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