All Topics / Help Needed! / Transfering ownership

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  • Profile photo of mikeCmikeC
    Member
    @mikec
    Join Date: 2005
    Post Count: 24
    January 4, 2006 - 5:05 pm

    Hey guys

    My partner and I are building our PPOR. Currently the land we will build on is untitled (titles due June 06) with a $500 deposit on it. Contract and settlement papers are in my name only. Plan was to have everything in my name and next property solely in hers so we can both enjoy FHOG etc but unforseen circumstances means I cannot afford to build it on my own and the loan will need to be in both our names. The settlement agent and developer (who are run by the same company!) are insisting that if I try to transfer the papers into both our names double stamp duty will need to be paid. OSR dont offer any comprehendable advice, so I was hoping you guys could let me know if indeed I DO need to pay double stamp duty or what info I need to arm myself with to address the developer.

    Thanks in adance
    Mike

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    January 5, 2006 - 12:24 am

    Some lenders will allow the loan to be in both names whilst leaving the title in one name if you treat yourself as a defacto couple on the application.

    Then of course she will legally be no longer entitled to the FHOG, but at least you wont have to pay the stamps twice.

    Cheers,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 5, 2006 - 6:59 am

    Once you have exchanged contracts, then the sale has taken place. If you want to change things, then it would be like seliing half to your friend. Therefore stamp duty would be payable again. Depending on how far things have gone, the developer may be able to rescind the original contract and draw up a new one with two names on it – probably for a fee.

    Terryw
    Discover Home Loans
    Parramatta
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Viewing 3 posts - 1 through 3 (of 3 total)

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