tricky question

Discussion in 'Legal Issues' started by fernfurn, 22nd May, 2015.

  1. fernfurn

    fernfurn Member

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    Grandpa dies and Grandma inherits the house but doesnt take him off the title. Grandma then dies and leaves the house to their 4 children. Two of these are the executors. Conveyancer is saying Grandpa's name has to be taken off the title then transferred into the executors names before it can be sold. Is this so? Would this incur stamp duty?
     
  2. Terry_w

    Terry_w Member

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    Yes and no. It could also be sold subject to transfer, i.e. before title is changed to executors.

    But get a lawyer as conveyancers cannot give legal advice on these matters.
     
  3. fernfurn

    fernfurn Member

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    yesthey have a soli as well as he is doing probate. cant remember which one gave this advice. If they transfer into execs names, wont they be up for stamp duty?.
     
  4. jrc

    jrc Member

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    Normally a transfer to executors in their capacity as executors does not incur stamp duty
     
  5. Paul@PFI

    Paul@PFI Tax, SMSF & Planning

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    A good example of a job for a solicitor both when a person dies AND when preparing property sales contracts....Take Grandpas and Gramma's wills and they can sort it out. Duty doesn't apply to a normal change of title based on a will.

    This is fairly common where property passes from a joint owner to the survivor. Its usually corrected when the second spouse dies.