Best way to change a land title and whats involved?

[coxfamily3]

Hi,
My husband and I jointly and outrightly own a block of land bought a few years ago for us to build our retirement house on.
We have now decided to subdivide this block.
We will be subdividing and building 2 houses on this property and keeping them both for cash flow.
We have never claimed anything on this property as was for future ppor purposes.
I would like to have the title solely in my husbands name to maximise our future incomes so my questions are..

Do we need to do this before subdivision?
How do we go about it?
Do I have to "sell" my half to my husband even though no money will change hands? And if so will I pay stamp duty?
Any other way around this?

Thanks in advance

abi

 

[tobe]

Do we need to do this before subdivision? No, I'd just do it when you do the subdivision

How do we go about it? Your solicitor can transfer the title into his name. Cost is a couple of hundred dollars to change names, subdivision costs are diferent, and a fair bit more!

Do I have to "sell" my half to my husband even though no money will change hands? And if so will I pay stamp duty? Not exactly, the one exemption to stamp dut is the love and affection rule which means spouses can transfer real property without paying stamp duty (in victoria anyway...)

Note, you may well be up for CGT on the half you sell however, even though the property was not income producing, it was not your PPOR and is therefore not exempt from CGT.
Now is the time to talk to your solicitor and accountant!

 

[RumpledElf]

When you subdivide, there's a billion approval steps, but the final form goes to the magical place in the government that issues titles, and lo, at the end a new title comes out.

Just make sure that this final form has the right name/s on it. Too easy.