Relationship Breakdown & Property Ownership
What happens to your home after a relationship breakdown?
When you are going through a relationship breakdown what happens to the family home and jointly owned property?
How do you end the property partnership?
It can be an emotionally stressful time. It may be in your best interest to get a court order to protect your assets.
Lawyers are often engaged. In the case of property transfer, did you know a settlement agent may be able to look after the process of title change, which can save time?
One partner may decide to buy out the other, or the shared property may be sold.
What is involved in transferring property to the other owner?
The following may be apart of the process;
- Ownership of property – Confirmed by a Title Search
- All parties involved are in agreeance
- Where Court Orders are applicable – Original stamped embossed order required.
- When there is a mortgage over property – Confirmed via Title Search For a bank mortgage. Lodge a discharge form with the bank. Completed by all parties. If there is no mortgage, then the original Certificate of Title is handed to your settlement agent.
- Payment – Financial approval from the bank for the transfer amount is required to confirm funds are available.
- Transfer of land document / Related parties authroity / Stamp Duty Valuation form / Cost Disbursement – these are to be prepared and signed by the client.
- Identification – All owners are required to be identified.
- Stamp Duty – An assessment for all related parties is required and is based on the value and ownerships status. Following success of this process, all documents are signed, stamp duty assessed, and banks are ready to proceed. We can book the settlement.
Relationship breakdown can be a stressful, traumatic time, for the entire family.
Transfer of property ownership is one aspect to deal with.
Work with a settlement agent who takes the time to understand your situation. Has your best interests at heart. Provides you space to breathe and focus on other matters.
If you need help with the divorce process, speak to a family lawyer, and seek advice through the various government departments.
Choose a Conveyancer who has your interest at heart.
Supreme Settlements care about their clients. Their aim is to make the settlement as straightforward and stress-free as possible. They will appoint a conveyancer to take you through the complete settlement process. If you are at this crossroad in your relationship, give us a call and organise to come in for a chat.
Call us on (08) 9417 2322 or Contact Us confidentially with details today.