Browse Forums General Discussion 1 May 10, 2010 6:18 pm Can anyone please help, I would like to change the title of our family home into my sons name. My wife and i are both on aged pensions and dont really wont to loose it, as i am i a nusring home . If the property was in my sons name , it would make things alot easier. Can I gift it to him or even sell it at a discounted price , to avoid to much stamp duty?? Or does anyone have any other idea that may help??? Thanks Re: Changing title into sons names 2May 10, 2010 6:32 pm Hi Ghoulie, We'd really need to know which State you are living in to give some more detailed advice. In general though there is not much you can do to avoid stamp duty save for maybe setting up a family trust of some description. Most Transfers of Land where I live (in Victoria) attract stamp duty. You know what they say, there are only two absolutes in life- death and taxes! I suggest maybe you should talk to a lawyer or a conveyancer; there are some community legal centres around that could possibly give you some free initial advice or at least point you in the right direction to find the info that you need. Also keep in mind the effect that any Transfer for consideration (ie: money) may have on your pension or nursing home entitlements. Good luck Re: Changing title into sons names 3May 10, 2010 6:35 pm Hi We recently sold our family home to our daughter, as the parties are related you must supply valuations from licensed real estate agents to the state revenue office verifying the amount paid is within market value. I suggest you get legal advice, it was not as easy as we thought it would be. Re: Changing title into sons names 4May 10, 2010 6:46 pm grom40 Hi Ghoulie, We'd really need to know which State you are living in to give some more detailed advice. In general though there is not much you can do to avoid stamp duty save for maybe setting up a family trust of some description. Most Transfers of Land where I live (in Victoria) attract stamp duty. You know what they say, there are only two absolutes in life- death and taxes! I suggest maybe you should talk to a lawyer or a conveyancer; there are some community legal centres around that could possibly give you some free initial advice or at least point you in the right direction to find the info that you need. Also keep in mind the effect that any Transfer for consideration (ie: money) may have on your pension or nursing home entitlements. Good luck Re: Changing title into sons names 6May 10, 2010 6:59 pm As mdzzj said the SRO (State Revenue Office) will want valuations from real estate agents confirming that you have transferred the home to your son for a reasonable market value. Of course you can sell to him for a reduced price but you will have to pay stamp duty on the "market value" no matter what. Is there a reason you can't put the property in just your Wife's name (I'm assuming you are joint proprietors at the moment) or maybe complete a power of attorney in either your Wife or your son's name so they can take over your financial affairs? If you are trying to do all of this in an attempt to have to pay less for your nursing home place I'm afraid you'll get no joy there either. The government takes into account assets you have transferred out of your name in the recent past in calculating your contribution. I suggest you seek some legal advice; contact the Law Institute of Victoria and see if they can refer you to a solicitor in your area that will give you a free initial appointment. Re: Changing title into sons names 7May 10, 2010 7:30 pm I once knew of a lovely family which included 5 kids. On a whim, the parents decided to add the kids' names to the title of the house - something about everyone in the family having ownership of their humble but much-loved home. The problem arose many years later, when this "gesture" had been virtually forgotten........ The first of the offspring to leave the family nest and buy real-estate applied for the FHOG............... Cheers zeke Re: Changing title into sons names 9May 10, 2010 8:26 pm You really need to seek legal advice, we also had to show a paper trail of our daughter having the funds available to purchase price and proof that we received the funds. Receiving a stamped transfer of land from the SRO is quite complex more so when the parties are related. Flamingo Give me a call and I will do my best to talk you through it. For those who would like an answer, Subject to seeing your actual DA condition, I think you are… 1 3924 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 9178 Hi All, I'm new here! I'm in a block of 4 apartments (Waverley council) and looking to change a window to a sliding door. The window faces an enclosed garden (with a… 0 4185 |