2 Comments Family & de facto law, financial agreements, consent orders
Hi. BFA Plus is a great way to legally separate the finances. Check with the bank first to see if you can re-finance the mortgage so it's in your name. If you have the go-ahead from the bank then you can have a clearer picture of where you stand and this can be written into the BFA. There's no point writing into the BFA if you can't fulfill the agreement. You must create a new deed to remove the ex-spouse from title to your house. To do this you will need to contact the Lands Titles Office in your state and request the appropriate forms and follow the instructions given with those forms. In terms of Stamp Duty, if you transfer a share of your property to a former spouse or de facto partner you are NOT liable to pay stamp duty. In order to not have to pay stamp duty when transferring the deed from two people to one from a relationship: 1. Get a certified copy of your Binding Financial Agreement. The document will need to say that the property is to be transferred to one of the parties to the marriage. 2. Download and Complete the Transfer form from the Department of Land and Property website. 3. Download and Complete Form ODA 069 ‘Application for Exemption or Refund – Breakup of a Marriage or De Facto Relationship’ from the Office of State Revenue website. 4. Download and Complete the Purchaser Declaration form from the Office of State Revenue website. 5. Send the above documents to the Office of State Revenue (OSR) to be noted for stamp duty exemption. 6. Once approved, the OSR will send the Transfer form back to you. It will be returned stamped and marked ‘Exempt from Stamp Duty’. 7. Lodge the stamped Transfer, together with the Notice of Sale, Certificate of Title, fee, Discharge of Mortgage at the Land and Property Information. I hope this helps.
Hi and thankyou for your response. I have been to my bank and they have told me I am approved subject to valuatiuon. They have told me they will not value the house until they get a document as a draft stating the house is to be placed into my name. So I was wondering is there a possibility the agreement could be written so that Either party has the option to buy the house or the house is to be sold with the money after paying off the mortgage been split equally. My Ex wife has already stated to me that she does not want the house and doesnt care if it gets sold or if I buy it from her. I just dont want to be stuck if the bank declines the loan or wants to much in mortgage insurance due to the valuation been to low.