All Topics / Help Needed! / transfer house btwn siblings legal question

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of edskiiedskii
    Member
    @edskii
    Join Date: 2010
    Post Count: 8
    January 11, 2011 - 9:06 am

    The scenario is that I'm in process of transferring my house to my brother, however is it true that I have to sign the transfer paper work for the bank to release the fund so he could pay me? Note that we haven't signed any settlement paper work.
    Could someone please advise.

    thanks

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618
    January 11, 2011 - 10:51 am

    If the bank is financing your brother using the property as security then the bnak will not hnad over the funds without receiving the deed and transfer documents.  This is normally done simultaneously and called settlement

    Profile photo of edskiiedskii
    Member
    @edskii
    Join Date: 2010
    Post Count: 8
    January 11, 2011 - 11:13 am

    thank you so much CRJ

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 12, 2011 - 8:44 pm

    Transfer = selling, so don't forget to factor in the stamp duty.

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

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of edskiiedskii
    Member
    @edskii
    Join Date: 2010
    Post Count: 8
    January 12, 2011 - 9:53 pm

    thanks terry

Viewing 5 posts - 1 through 5 (of 5 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.