Many people decide to share everything with their partners after getting married, like real estate. Properties are valuable assets, though, so it’s important to make sure that the title belongs to the right person. It’s your choice whether to add your partner to the title or not. If you decided to do so, it’s best to be careful since you could be facing financial problems in the future if you do it incorrectly.
Each case is different, so experts advise seeking help from settlement agents in Perth for legal advice.
Type of Agreement
Whether you’re a married or a long-term de facto couple, you need to decide which agreement to follow when adding a name to your title:
- Joint Tenant – This allows couples to own the property in equal shares. If one of them dies, the ownership will go automatically to the other owner with or without a will.
- Tenants in Common – This is when couples decide to share the property unequally. For example, the husband may own a third because he’s the original owner then the wife gets about two-thirds. If one of them dies, a will can decide the ownership.
After deciding an agreement and getting an approval from your lender, you can start gathering the necessary documents for the addition:
- Certificate of Title – Held by you and your lender, you’ll need to present this as proof that you’re the legitimate owner of the property.
- Transfer Form – Get the form from the Land and Property Information and fill out the items correctly. List yourself as the transferor and transferee then include your partner in the other transferee part. Have this stamped by the Office of State Revenue (OSR).
- Mortgage Documents – If you still have mortgage to pay, it’s best to consult your lender to know of any additional documents you need to present.
These are only some of the things you need to take note of when adding your partner’s name to the property title. Seek help if you think that this process is too complicated for you.