WANT TO ADD YOUR SPOUSE ON TO THE PROPERTY TITLE?
We often get asked about what is involved with adding a spouse on to a title. We generally encourage clients to do this when they refinance as consultation with the mortgagee will be required. In short, the process will involve:
- Discharging a mortgage in one owner’s name
- Transferring the property from one into two names; and
- Getting a loan and registering a new mortgage in both names.
Generally, a person acquiring an interest in a property has to pay stamp duty on the interest being acquired. You may however be entitled to claim an exemption from transfer duty where:
- The transfer of an interest in your home is to your spouse
- The transfer is by way of gift
- After the transfer, you and your spouse will own the entire home as joint tenants or tenants in common in equal shares; and
- The home will be your principal residence.
In order to claim the exemption, you will need to complete a dutiable transaction form and a transfer of interest in property to spouse statutory declaration.
The definition of ‘spouse’ includes:
- Having a valid and subsisting marriage
- Having a valid and subsisting civil partnership; or
- Are living in a subsisting de factor relationship and have lived together as a de facto couple for at least two years.
MAP Lawyers would be happy to assist you with this process.