Title Rectifications

Adding a Spouse

If you are looking to add your spouse to your property title, you first must understand who is legally considered a spouse. Under the law, a spouse is considered someone with whom you have a valid, subsisting marriage or a valid, subsisting civil partnership. You are also considered a spouse if you have had a subsisting de facto relationship for at least two years.

Next, you will have to meet with your mortgagee for a consultation. To make this step easier, we recommend going when it is time to refinance your home. Typically, when an individual is added to the title, they will have to pay stamp duty on the interest being acquired.

The person who owns the title will have to release the mortgage in their name. Then you will have to transfer the property from one name to both. Finally, you will have to attain a loan and register the new mortgage under both parties’ names.

There are some circumstances in which a person may be exempt from paying a transfer duty. These may include

• The transfer is a present
• If you transfer the property to your spouse
• The home will become your primary residence
• You and your spouse equally share the house as joint tenants

To obtain this exemption, you will need to provide a few forms and declarations. These include a completed dutiable transaction form and a transfer of an interest in property to spouse statutory declaration.

Transferring Interest in Accordance with Court Orders or BFA

Court Orders and binding financial agreements (BFAs) deal with property settlements, splitting superannuation, and spousal maintenance. Obtaining a court order or BFA allows you to have a legal financial agreement that is responsible for formalising your property settlement. This ensures that your ex cannot seek more money or assets in the future.

You are entitled to duty exemption when a home is transferred from both parties’ names to an individual. You will receive the stamp duty exemption once you have a court order or a financial agreement.

There are some circumstances in which the court may consider a consent order or BFA to be annulled. A consent order may be set aside if the terms are unrealistic or a party does not follow the terms of the order.

A BFA may be annulled if the agreement is obtained under false pretences. Another reason the agreement may terminate is if it did not follow the strict legislation and drafting requirements.

Because there are many details and laws required involved in court orders or a BFA, it is recommended and sometimes necessary to hire a professional. The Firm On The Avenue offers extensive knowledge of court orders and binding financial agreements.

Call The Firm On The Avenue at (07) 4128 4777 for all of your title ratification questions or concerns. Our team of professional lawyers in the Hervey Bay area is ready to answer and assist you.