Changing Your Property Title

Changing Your Property Title

If you need to either add or remove a person from your property title due to a change in circumstances, the process below is the one to follow:

ADD spouse, defacto to Property Title

 Step 1. If the property is mortgaged you will need your bank’s consent to you add your partner to the property title.

 Step 2. Decide if you wish to be registered as Joint Tenants or Tenants in Common in equal shares. If you reside in the property as a married couple you will be exempt from Duty. If you reside and have been a Defacto couple for more than 2 years you will be exempt Duty.

 Step 3. Engage Oceania to prepare the paperwork.

 Step 4. Your lender will need written authority to debt your account for the cost of the bank’s consent letter, Oceania can help with the form.

Remove partner from Property Title

 Step 1. The government will charge Duty based on current valuation and the share the person is gaining in the asset. The Office of State revenue will accept Family Consent Order splitting property assets and charge $20 Duty. Oceania recommends investigating cost of Family Order you could save thousands of dollars.

 Step 2. Contact your lender to check if they will refinance your loan in your name only.

 Step 3. Engage Oceania to prepare the paperwork.

 Step 4. Sign lender’s form to request Discharge of Mortgage and New Mortgage documents.

Transfer or sell property between Family

 Step 1. Agree on a purchase price, start the process of applying for finance.

 Step 2. Engage Oceania to prepare legal paperwork including the Contract of Sale by Offer & Acceptance.

 Step 3. Pass a copy of the signed Contract of Sale to the lender to assist with loan application and valuation.

 Step 4. Oceania to lodge signed paperwork with Office of State Revenue for Duty assessment.

 Step 5. Sign lender’s form to request Discharge of Mortgage form and New Mortgage documents.

Transfer property to TRUST ….Family Trust to Superannuation Trust

 Step 1. Check with your accountant if it suits your particular financial circumstances and worth the cost?

 Step 2. Check with your lender if they will refinance

 Step 3. Engage solicitor to prepare Family Trust Deed or Superannuation Trust Deed

 Step 4. Engage Oceania to prepare Contract of Sale and paperwork

 Step 5. Oceania to lodge paperwork with Office of State Revenue for Duty Assessment

 Step 6. Sign lender’s form to request a Discharge of Mortgage and new Mortgage Documents

Your First Steps To
Buying Your Home

Buying a home it's your dream
Turning this dream into a reality is our passion at Oceania Settlements. This ebook aims to help answer some of your questions including:
  • Can I afford it?
  • What are the settlement costs?
  • When can I move in? 

Basically, this booklet will answer many of your questions. Let's turn your dream into reality.
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