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A prospective client recently called us wanting to “add a name to a title”, and wanting to know if there’s a form that needs to be completed to achieve this.
Unfortunately it is not that simple.
If you add a name to a title, what is really happening is that the existing owner of the land is transferring a share of their property to the new owner.
The following deliverables are needed:
- A Transfer document needs to be prepared and electronically lodged, and the parties to the Transfer need to have their identities verified.
- Stamp duty on the Transfer needs to be assessed. If it’s not exempt from stamp duty, a valuation/appraisal of the property by a licensed real estate agent will also be needed.
- If the property is presently mortgaged, then the mortgagee’s consent to the Transfer will need to be obtained. If the property is unencumbered, then title will need to be produced.
- After the Transfer has been lodged, Council, the relevant Water Authority and (if applicable) the Owners Corporation manager must be sent a Notice of Acquisition advising them of the change of ownership.
If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing at Northcote area on 03 9815 2351 for more information.
