A couple of questions.
1.) how do i go about transferring the title deed?
2.) does the property has to be fully paid up before i am able to transfer the title deed?
3.) can i transfer the title deed to my partner, and i continue to pay for the mortgage using my existing mortgage loans which is under my name?
4.) if my partner is a non-resident nor a PR, can i transfer the title deed to her?
Much appreciated for any kind replies.
Cheers
Nit1. You need to convey it by filling in a transfer form and paying stamp duty – if applicable.
2. Yes. You will have to pay out the existing loan.
3. You will need to change the loan because the ownership is changing. Both names will need to go on the new loan.
4. Yes, but you may need approval of the FIRB.What you will need to do is to tell your bank you want to change the loan and transfer title by adding your partner. The partner will probably need to supply proof of income if she has income. You will then need to talk to a conveyancer or work out how to do the transfer yourself. The new loan will pay out the old loan at settlement.
You should also work out the stamp duty implications for your state too.
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
Terryw wrote:1. You need to convey it by filling in a transfer form and paying stamp duty – if applicable.
2. Yes. You will have to pay out the existing loan.
3. You will need to change the loan because the ownership is changing. Both names will need to go on the new loan.
4. Yes, but you may need approval of the FIRB.What you will need to do is to tell your bank you want to change the loan and transfer title by adding your partner. The partner will probably need to supply proof of income if she has income. You will then need to talk to a conveyancer or work out how to do the transfer yourself. The new loan will pay out the old loan at settlement.
You should also work out the stamp duty implications for your state too.
thnx mate
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