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VIC How Much Does Changing Real Estate Titles Cost?

Discussion in 'Property Law Forum' started by Gabbie, 16 November 2017.

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  1. Gabbie

    Gabbie Member

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    How much does it cost to change the title on my house into my father's name?
     
  2. Clancy

    Clancy Well-Known Member

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  3. Gabbie

    Gabbie Member

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    It's a need to situation unfortunately
     
  4. Clancy

    Clancy Well-Known Member

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    Ok - More free money for the government that they did nothing to earn (stamp duty) - unless your Father is a first home buyer??

    Is there a mortgage? If so, you can speak to the lender about how to do it?

    Otherwise, i highly recommend talking to an accountant.
     
  5. Gabbie

    Gabbie Member

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    Not first home buyer and no mortgage.

    So will i need a real estate lawyer, conveyancing person or an accountant to do this title swap??
     
    #5 Gabbie, 16 November 2017
    Last edited by a moderator: 16 November 2017
  6. Luiza

    Luiza Active Member

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    Hi Gabbie

    If there are no money changing hands, then you are looking at:
    1. legal costs of approx. $440-$660
    2. disbursements (lodging fees etc) $50-$100
    3. registration fee tot he Titles Office $94.60
    4. stamp duty - calculated on the market value of the property (you would need a market appraisal from the agent); if the property is a family farm, your dad would be exempt from payment of stamp duty; or, your dad could claim a pensioner exemption/concession (depending on the value of the property) if he hasn't claimed it in the past and if the property will be his principal place of residence.
    If the property is mortgaged, you would need the bank's consent to the transfer and your dad would need sign a mortgage in favour of the bank.

    The process is quite straightforward and relatively quick.

    Good luck!
     
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  7. Clancy

    Clancy Well-Known Member

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    Good suggestion

    Also If there is a mortgage, it might come up that your Dads income is too low (on paper) to service the mortgage so the bank wont allow it. Making it an investment property by your dad may help solve that, and or you may have to pay down the mortgage somewhat.
     
  8. Gabbie

    Gabbie Member

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    Thank you so much for that break down in costs... It was exactly what I needed..
     
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