Transfer of title with ex

[macca446]

Hi,
Me and my ex we have 2 investment properties left and currently around same value,we both agree on the property we both want but question is both of our names are on the titles how do we go about putting each individual property in our separate names so no money exchanging hand,advice much appreciated.
Macca446

 

[Terry_w]

Hi,
Me and my ex we have 2 investment properties left and currently around same value,we both agree on the property we both want but question is both of our names are on the titles how do we go about putting each individual property in our separate names so no money exchanging hand,advice much appreciated.
Macca446

seek tax advice (not all loan will be deductible)
seek legal advice - various implciations
Arrange finance
arrange conveyancing - transfer document
arrange for stamp duty exemption by proving breakdown in relationship
get transfer stamped
attend settlement.

 

[macca446]

seek tax advice (not all loan will be deductible)
seek legal advice - various implciations
Arrange finance
arrange conveyancing - transfer document
arrange for stamp duty exemption by proving breakdown in relationship
get transfer stamped
attend settlement.

Thanks Terry

 

[RPI]

We are now doing av of 1 family related transfer a day these days, no relationships with family lawyers all through google.

Different states as per usual but in QLD transfer duty is only exempt if you deposit the relevant court order. Even if you have agreed to it and there is no court order it may be worth getting one to save on duty, the family law court has an info pack and you don't need representation. Both parties sign the docs, lodge in court with the appropriate fee and in time you will get a sealed order back.

 

[Paul@PFI]

That can also be a very sound CGT strategy.

 

[bubbleroo]

I'm going through the same but we now live in NSW. We have the solicitor (in nsw) executed the separation documents so my question is can we use the same documents for this qld property or this 'application of consent' from the family court webpage ?

It is quite a lengthy document but mainly 'yes' & 'no' but still don't want to get it wrong AND there is a 'supplement' part. So do I use both forms as per below.

Application for Consent Orders (do it yourself kit)

Application for Consent Orders kit - supplement

TIA

 

[danwatto]

Have done this after split with wife 2 years ago, very cheaply it was sub-$1000 for the Solicitor costs.

Process went like this:

1. Agreed on house value and the split after much discussion, and house appraisals/valuations
2. Did the consent orders forms (Solicitor gave an MS Word copy that was much easier).
3. Had solicitor review the consent orders documents.
4. Submitted to the court.
5. Received stamped orders back from court.
6. Finance approval for larger loan amount (had to give the ex some cash for her share of equity).
7. Signed Transfer documents.
8. Exemption from duty documents.
9. Refinance.
10. Then the solicitor attends settlement just like conveyancing process.
11. Property transferred from joint names to just me.

The reason it was so cheap was we didn't take family law advice. I only used the Solicitor to review the orders before submitting, to ensure they would be acceptable to the court, AND for the settlement/transfer.

I also helped my girlfriend do the exact same thing to retain property from her previous relationship.

It's like a stamp duty free purchase in a way, we got to retain additional property without costs.

Ours was pretty straightforward though.

As Terry says - you best get advice!

Especially tax advice from your accountant: as it is best to put the correct wording in the consent orders to ensure any money that changes hands from a loan is tax deductible in future.