Buying out joint owner, what's required?

[Tim86]

Hi, my sister is selling me her half of a QLD property I own with her.

The loan is with westpac. The new loan I'll have to take out to buy my sisters share will also be with westpac.

Now what is required?

I've heard conflicting info. Do I need a contract of sale?

Broker said I need a contract of sale, but then tonight my sister said the "dept that charges stamp duty" told her you don't need a contract of sale.


I've self acted for all my purchases so far, but this one is obviously a bit different.

We have an agreed value to buy out her share.

I remember speaking to westpac and they mentioned a form I could get from their website to fill out to transfer over the loan or ownership or something along those lines, however I completely forget what they said exactly. May need to give them another call.

I'll obviously need a transfer form, form 1 and form 2 or whatever they are, I'm sure that bit of it all will come back to me...

Any guidance is appreciated.

Thanks

 

[Rolf Latham]

u need a transfer doc, not a contract

ta
rolf

 

[Tim86]

Thanks mate.

Will get onto that tomorrow.

 

[Terry_w]

You don't need a contract of sale, but you should probably have one if you are intending to claim the interest. You want to make the transaction as commercial as possible to justify the claiming. ATO may not have an issue with it, but then again they might.

 

[Tim86]

Thanks for the tip terry

 

[JDM]

The transfer documents you require can be found at http://www.business.qld.gov.au/indu...ruction/titles-property/titles-registry-forms. You require the Form 1 Transfer and Form 24 Property Information. The transfer documents must be stamped before they can be lodged for registration.

As mentioned, you do not need a contract, however it may be beneifical to have one.

 

[Tim86]

Thanks for that, very helpful.