Dad, me and the title…

I’d guess a conveyancer would be the easiest, but if you wanted to do it yourself maybe contact the titles office…

I’d Try the conveyancer who bought for you, they might give a discount as they have all the paperwork from last time.

You will probably have to pay stamp duty on the 20%.

I would also guess that you would have to pay Market Value for the 20% (and tax on any capital gains you make)

Check with your accountant.

If it’s a gift, it might be different…..mmmm?

Lifexperience

I believe the exemption may only be available between H & W transfers but I may be wrong. Could extend to father and son? Also depends on the states – easiest just to call their customer enquiry lines. Let us know how you go. Good luck.

Hey Kendo,

We’ve done this three times in the past – “internal shuffling” I call it.

We’ve paid stamp duty on the title transfer three times. It’s always been between the wife and I, so if you live in a state that allows free transfer between spouses count yourself as one lucky sausage.

On the Transfer of Land document you shall need to state the consideration. The titles office in your state will check to see that this is 20% of the fair market value of the prop. Don’t try and diddle them….they are pretty cluey and like their duty payable for the State coffers.

Your bog standard conveyancer can handle this. It cost us $ 250 each time. Right, that’s the title issues sorted.

The loan docs will probably need unravelling. If you don’t have enough equity in the place or don’t have the demonstrable income to support it, your father may need to go guarantor for a wee while.

It’s part of estate planning – but watch for your father’s gifting rules…it may come back to bite him in the bum if he is intending to apply for the pension later on down the track. Check the amount of yrs between when the gift is made and when/if he intends to apply for the pension. Perhaps if your father has had the foresight to do this with you, he probably doesn’t need the pension.

One of Noel Whittakers books (the ‘Living Well in Retirement’ one) gives an excellent run down of the whole process if you are interested in further reading.

One last thing – you’d better give your old man a big hug and kiss for being so nice to you as well. You are very fortunate.

Cheers,

Dazzling

“No point having a cake if you can’t eat it.”