Hi Guys,
I am trying to understand the process of transferring name for a property. Mother in Law would like to transfer the property to my name. There is 200k loan owing on the property. I have asked around to a few conveyancers but the process is still unclear to me.
How I understand it is that a contract must be drawn out like the usual buy and sell transaction. However as the sale amount is only for 200k and the house is probably worth 400k, do I put 200k on the contract? Do I need to get a valuation done?
One other question is that would the 200k sale price be recorded in any database (rp data etc)? I dont want my future buyer to question why the house sold for so cheap.
I am trying to understand the process of transferring name for a property. Mother in Law would like to transfer the property to my name. There is 200k loan owing on the property. I have asked around to a few conveyancers but the process is still unclear to me.
How I understand it is that a contract must be drawn out like the usual buy and sell transaction. However as the sale amount is only for 200k and the house is probably worth 400k, do I put 200k on the contract? Do I need to get a valuation done?
One other question is that would the 200k sale price be recorded in any database (rp data etc)? I dont want my future buyer to question why the house sold for so cheap.