I understand adding your spouse to the title of your home does not incur stamp duty. Which Government body handles this in NSW? Is adding your spouse name onto the title, adding their name onto the Torrens register? Are you supposed to tell your mortgagee first? Will the mortgagee have something to say about it if your spouse is added to the title?
You need to think carefully before you do this as there are many issues.
You will need to discharge the mortgage and to enter a new mortgage again. This will involve a new loan application. You will need to get the transfer stamped by the OSR before the mortgagee will settle and they will deal with the registration on title.
In NSW stamp duty is exempt under certain situations only. one spouse going to both spouses 50/50 TIC or JT.
There are estate planning, asset protection and potential tax issues so speak with a lawyer before you do anything.
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
Thanks for the reply.
Australia don’t have married status?
that’s whatever is owned by one spouse is also owned by the other spouse 100%?Australia don’t have married status?
that’s whatever is owned by one spouse is also owned by the other spouse 100%?Nope.
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
and family is such a strong emphasis in Australia? :D
Dont understand what you are getting at?
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
Dont understand what you are getting at?
in countries that have strong family laws, adding a spouse to the ownership title is with little issues
Australia very focus on building strong family, but such a big issue to add spouse to ownership title?
Still not sure what you are getting at.
Adding a spouse to title is easy to do, but it has wide ranging consequences in terms of death, control, borrowing and banktruptcy etc. This would be the same for most countries.
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
As Terry said, it’s quite simple to add a spouse to a title – the real question is whether this is necessary and effective in helping with your goals moving forward, or just increasing risk exposure.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
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