Family law settlements often envisage one partner buying out the other partner’s share of the family home or investment property. This means that the Certificate of Title will need to be transferred into the sole name of the new owner (the transferee).
There are 3 steps you need to do to complete the transfer.
1. Complete the Transfer Form
Download a Transfer form from the Land Titles Office in your state or territory. The Transfer forms are usually a simple one or two page form, and come with instructions to complete it. They are available to download from the website of the Land Titles Office in your State. See the links below.
2. Submit to the Revenue Office for stamp duty notation
Once you have filled in your Transfer form, you will first need to send it to the Office of State Revenue, to be noted for stamp duty.
You will be exempt from duty if the property (either family home or investment property) is being transferred pursuant to a Binding Financial Agreement or a court order.
You will need to complete the relevant application form which can be found on the State Revenue Office website for your State or Territory.
In some states, you will also need to complete the relevant exemption form and provide a copy of your Financial Agreement or other relevant documents, to have the stamp duty waived. See the links below for the state based instructions.
3. Send to the Land Titles Office in your State
Once the Revenue Office stamps (as exempt) and returns your Transfer form to you, you will need to forward it to the Land Titles Office, together with the Certificate of Title.
The Land Titles Office will attend to transferring the names on the Title and issue you with a fresh Certificate of Title in the name of the new owner.
Are you re-mortgaging the property?
If you have a mortgage over your property, speak to your Bank before you begin the transfer process.
Your bank will hold the Certificate of Title and as such, may attend to the transfer on your behalf.
If you are re-mortgaging in the name of the transferee only, then the bank will generally attend to the transfer of title as part of the re-mortgage process.
You will need to provide your loan officer with your Financial Agreement so that they can secure the stamp duty exemption on your behalf.