Dear Forumites ,
I would to ask your collective wisdom to share your knowledge about transfers of property titles.
The situation :
My partner and I purchased a property more than 5 years ago . Recently , we've decided to separate . The title was registered under both of our names .
We've decided that I will keep the property and the other party will get half of our assets .
Obviously , transferring a title would be similar to a conventional refinancing process. Consequently , I've obtained a better deal from another banking institution .The formal letter of approval was issued on 12th Jan .
There is a special condition that makes sense to me :
The Borrower agrees and acknowledges that the Bank requires a duly executed and stamped transfer in
registrable form ("Transfer") from XXX to XXX for the property situated at XXX described as Lot XX on Plan of Subdivision XXX. A copy of the Transfer is to
be provided to the Bank prior to Settlement. The original Transfer is to be provided to the Bank at/or prior to Settlement.
I've asked my mortgage broker to specify all the expected expenses prior to the beginning of the process . She's mentioned the gov. fees for the title transfer , however didn't say anything about conveyancing involved . We had a chat yesterday and apparently " a conveyancer is required to transfer the title under my name ".
I would've thought that the service of a professional conveyancer is required when another party is involved in a buying/selling process. Essentially , this process doesn't involved any 3rd party . At the bottom line , I would like to avoid unnecessary expenses .
My apologies for the long message .
My question is simple. I am not sure if I understand the process correctly .
I've searched the web and there is a form that needs to be filled in to transfer
the property from husband and wife to husband or wife per below:
http://www.dtpli.vic.gov.au/__data/..._from_husband_and_wife_to_husband_or_wife.pdf
Can you please confirm that my understanding of the title transfer process is correct ?
Thanks in advance
gprp
I would to ask your collective wisdom to share your knowledge about transfers of property titles.
The situation :
My partner and I purchased a property more than 5 years ago . Recently , we've decided to separate . The title was registered under both of our names .
We've decided that I will keep the property and the other party will get half of our assets .
Obviously , transferring a title would be similar to a conventional refinancing process. Consequently , I've obtained a better deal from another banking institution .The formal letter of approval was issued on 12th Jan .
There is a special condition that makes sense to me :
The Borrower agrees and acknowledges that the Bank requires a duly executed and stamped transfer in
registrable form ("Transfer") from XXX to XXX for the property situated at XXX described as Lot XX on Plan of Subdivision XXX. A copy of the Transfer is to
be provided to the Bank prior to Settlement. The original Transfer is to be provided to the Bank at/or prior to Settlement.
I've asked my mortgage broker to specify all the expected expenses prior to the beginning of the process . She's mentioned the gov. fees for the title transfer , however didn't say anything about conveyancing involved . We had a chat yesterday and apparently " a conveyancer is required to transfer the title under my name ".
I would've thought that the service of a professional conveyancer is required when another party is involved in a buying/selling process. Essentially , this process doesn't involved any 3rd party . At the bottom line , I would like to avoid unnecessary expenses .
My apologies for the long message .
My question is simple. I am not sure if I understand the process correctly .
I've searched the web and there is a form that needs to be filled in to transfer
the property from husband and wife to husband or wife per below:
http://www.dtpli.vic.gov.au/__data/..._from_husband_and_wife_to_husband_or_wife.pdf
Can you please confirm that my understanding of the title transfer process is correct ?
Thanks in advance
gprp