VIC How Much Does Changing Real Estate Titles Cost?

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Clancy

Well-Known Member
6 April 2016
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69
2,289
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.
 

Gabbie

Member
16 November 2017
4
0
1
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??
 
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Luiza

Well-Known Member
26 July 2017
15
3
74
Victoria
www.lslawconveyancing.com.au
How much does it cost to change the title on my house into my fathers name??
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!
 

Clancy

Well-Known Member
6 April 2016
973
69
2,289
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!

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.
 

Gabbie

Member
16 November 2017
4
0
1
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!
Thank you so much for that break down in costs... It was exactly what I needed..