Title Name Change

[beech]

From: Darren Beech


im in the process of building 2 units,1 for my parents and also going to keep their original property,but changing over to my name.anyone know the costs involved?
its in Vic,valued at approx 220k.thanks guys.

 

[WebBoard]

Reply: 1
From: Sergey Golovin


Darren,

I do not think you will get any discounts; you just simply have to pay all fees and charges applicable to real estate transaction (change of name, change of title, etc).

The other option to "minimise the damage" would be - keep parents existing property under their name and all new units under yours (one title), then they will stay at your place and you can stay at theirs. Otherwise you have to pay for every transaction. Could be lot of money.

Serge.

 

[Gidget]

Reply: 1.1
From: Gidget .


Hi Darren - I suggest you check out with the State Revenue Office whether you're entitled to pay only nominal stamp duty because its a transfer within the family (If so, the "consideration" section on your Transfer of Land document would read "Natural Love and Affection"). I'm not sure whether this applies to a transfer from parents or whether it is limited to a transfer between spouses - I think it will also depend on whether you're paying your parents for their house. If you have a solicitor handling your conveyancing, they could probably answer that question for you.

Gidget