My Partner and I have just submitted a Contract of offer on a Contract of Offer form signed by both of us ( Law Insititute form)for a property
Our offer was accepted by the Vendor and confirmed in writing by way of Fax to the Agent
The Paperwork is to follow early this week.
We do however NOW wish to put the property into one name only – the partner that has the considerably lesser income
The Property has no finance involved and will NOT be our place of residence, however we are considering renting the property to an immediate family member and we assume that the FHBG is NOT applicable in the scenario as this is not a first property for either of us, although the first property we have purchased together and would have both our names on the Title at this point if the sale proceeds as is.
How do we go about changing the paperwork in order that the title shows just one of our names and can we do this now before the Vendor signs the final paperwork early this week? , OR
Do we have to resubmit our Contract of offer?
We of course do not want to jeopardize losing this sale as we were very happy with the offer which was acceptedAs we are new at this ‘Property game’ we are concerned that we may be now jeopardizing the sale proceeding by changing the name to just one of us on the title?
Can anyone assist us with the correct procedure involved to effect this Title change &
If we rent this property out to an immediate family member what is a good way of setting this up to work which will allow us to make all appropriate clams for Taxation purposes
Thankyou for any advise given – appreciated
I'm not sure but someone switched on will come along and give a better answer.
If it's only an offer been faxed and signed then they would be yet to process and print up and sign the official contract. I would ring the agent a.s.a.p and ask the agent then your solicitor.
You may have entered into a binding contract despite the fact that you have yet to sign the formal contract. Tell the agent what you want to do and maybe submitt a new offer by the new buyer and tell the vendor you are withdrawing the old offer and submitting this in its place.
Seek legal advice quickly – not from a conveyancer, but from a lawyer as you could be up for stamp duty twice if you are not careful.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
My understanding is that you have submitted an offer to buy the property but this doesn't mean you have to put both names on the actually title. If a bank is involved then all that may be required is a guarantee from both of you to repay although only one person is on the title.
This happened to my parents.
Not sure if I read it right, but if your approval of finance/subject to finance to buy this property is not dependant on the person that you are taking off the title/contract then there is no need for concern, all you do is call the agent & your solicitor & tell them that details are not correct & must be changed, it's really no big deal unless!!!…………like I said the person your taking off is also going for the loan that's financing this purchase, because in that case both names must be on it same as the names that are applying for loan. Do you understand I'm not very good at explaining.Even if it is the formal contract that you have signed, you will still have cooling off rights. You could simply "cool off" on the contract and then re-enter an identical contract with the new name.
The practical way to go about this is just to ask the vendor to allow a name change. If they are OK with this, then the first contract should be cancelled and a second contract prepared. This will eliminate the (remote but still real) possibility that Stamp Duties will find out and will want double stamp duty.
Cheers
K
I've had to do his before – but the other way around (I had only my name on the contract and it needed my wife's name also). My solicitor took care of it. I wasn't a big deal at all, so talk to your solicitor.
Thankyou for all your answers – appreciated
The outcome was that because the Vendor had not actually signed any of the papers and had only faxed in his agreement to accept our offer, papers reflecting the one name were prepared for the Vendor's signature and where signed a few days later without issue
this has happened before too – after the fact the contract was signed we realised they had put 1 of our names instead of 2 and the agent said we couldn't change it – we were stuck with it. Which really worried us at the time.
But lucky the contract fell through and a new one came a bit later and we were able to make sure we got what we wanted this time.
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