Removing names from property titles
Printed From: AussieLegal
Category: Business, Commercial, Property, Contracts, IP
Forum Name: Franchises, Leases, Litigation, Trusts, Building, Debts
Printed Date: 22/April/2019 at 12:04
Topic: Removing names from property titles
Posted By: silvercat44
Subject: Removing names from property titles
Date Posted: 20/September/2018 at 09:33
I am going through an amicable split with my defacto partner.
We have 2 properties in joint names and would like to each hold one of the properties.
How easy is it to remove the other persons name from the title and can it be done by a conveyancer?
Thanks for any thoughts on this.
Posted By: citizen-joe
Date Posted: 20/September/2018 at 10:45
You don't need a conveyancer to do this just a transfer form for the titles office. Depending on the law in your state you may even be able to get a reduced rate of stamp duty, talk to the stamp duty office.
The only complication will be if the properties are mortgaged, you will need approval from your financier to remortgage each in individual names. To achieve this you will each need to prove you can service the mortgage.
Posted By: JimmyMcGill
Date Posted: 18/January/2019 at 08:12
2 hurdles, firstly if the properties are mortgaged, you will need to arrange a re-finance to remove your joint names from the mortgages (provided that the mortgages are in joint names). Secondly, in order to avoid paying stamp duty on the transfer, you will need to enter into Family Court Consent Orders, or a binding financial agreement. The BFA option is generally cheaper.