Adding Spouse to Title

[Brizza]

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?

 

[Marty McDonald]

Land titles office.

Yes the mortgagee will have something to say about it. You borrow money and as owner of the property you grant them a mortgage which gives them the power to take possession of the property if you can't pay the loan. The agreement is between you and them. If someone else (spouse) wants to become an owner the lender will also have to agree to allow it.

First step is a lawyer then the bank. All a bit of a hassle for usually no real advantage. Ie family law doesn't recognise who is on title when dividing assets and lenders will do co borrowing with one spouse on title.

 

[Terry_w]

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.

 

[Brizza]

Thanks for the replies.