Adding name to house title

turbo77 on 29/09/2014 - 10:26

Hi all,
Currently my parents have a rental property that currently under mortgage.

They are giving me the propertly in return i manage the loan repayments.

Without transfer the whole under my name. Can my name be added to the propertly title?

Do i need to arrange this with property lawyers or can conveyancers assist on this?

Any feedback be great

Thanks

Comments

Glider on 29/09/2014 - 11:07

+2

In WA, the land title can be transferred between family members with no stamp duty and is a relatively simple exercise. Ask your land title office or look at their website for info.

HOWEVER, if the property is under mortgage, generally the land title office will require the approval of the mortgage lender and for the lender to release the title document for updating. This is where it gets tricky, as the bank is very unlikely to approve a new person onto the title without that person being liable for the mortgage as well.

So, for you to add your name to the title or take over ownership of the property, you will likely need to refinance the property in your name, at which time the bank will allow the title to be updated to reflect the change of ownership.
lord henry on 29/09/2014 - 13:43

+3

I'd go see a solicitor if I were you.

Be wary of advice on here as the law may be different from state to state.
turbo77 on 29/09/2014 - 16:40

Thanks for the all advice i will speak to a lawyer for some advise.