NSW Off the Plan Property Settlement - Transfer of Title

[Rebekkah]

With a former partner, I jointly purchased an off the plan property a couple of years ago. Since we've gone our separate ways and it's due for settlement in May this year, it has been agreed for me to take over the title of the property and take care of all the settlement costs and return their deposit.

What's the best way to get this done in order to minimise costs and to allow me to get a mortgage in just my name to be able to settle the property. I'm wondering if a transfer of title on settlement day is possible or does this have to be a completely separate buy/sell process with associated stamp duty costs etc?

 

[Tim W]

Is it built yet?

 

[Rebekkah]

Nearly built. Due to complete end of April and our contract says settlement in two weeks later in May 2015.

 

[Ian Macleod]

Would the vendor be open to you amending / varying the contract of sale before settlement? ie have your ex partners name taken off the contract and just leave yours on it. It should be no skin off their nose to help settle the matter smoothly.

 

[Rebekkah]

Thanks for the suggestion. I guess varying the contract is an option I guess but does anything else need to happen...stamp duty has been paid but I'm not sure if you register name(s) when you do that.

Are there any options if the vendor doesn't want to play ball. Surely this must have happened before!