4 Comments Wills, probate, letters of administration, powers of attorney
Thanks for that answer, but, i will try & explain in detail where I am at.
My wifes mother passed away leaving her estate ( a small unit) which has a Mortgage on it.
She left it to her 2 daughters (one my wife) with my wife being the Executor.
Probate has been granted to my wife , as Execotor.
Her sister has lived overseas for 40 Years & does not wish to participate in her share of the property as the Mortgage is about the value of the Estate/ property.
The property has always been meant to keep on family, so we intend to take Mge over etc...
In Qld what Forms are necessary to
1. Transfer into both Sisters name as per will.
2. Transfer Sisters interest to my wife (Executor) & rearrange Mge etc..
I realise no S/duty would be payable on 1.
but what about 2. ?
Basically Sister is only transferring her share of the debt (no equity)
Appreciate any input.
My thoughts are that you should get a statutory declaration from your wife's sister renouncing her interest in the unit property. Contact the mortgagor to the property and see what documents they require to transfer the mortgage to your wife. You may need some finance information to show she can meet the repayments.
You should then take the the mortgage transfer together with the renunciation declaration and the title transfer document of the property from your deceased MiL to your wife, the probate notice, the will and a death notice to the titles office. There may be a complication due to the mortgage, but the titles office, but they will tell you what they need to transfer the mortgage. The stamp duty on the title transfer will be minimal as it is a deceased estate but there will be a nominal fee for both the title transfer and the mortgage transfer.
Those documents may be an overkill but I expect that it will be sufficient. I did something similar some years ago except we didn't have probate as it was a small estate. Nor was there any mortgage over the property. The titles office were very helpful.