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How to complete the NSW property transfer form

Discussion in 'Legal Issues' started by Belinda Punshon, 15th Mar, 2016.

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  1. Belinda Punshon

    Belinda Punshon Member

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    Hi guys,

    I think many people are unsure about how to change property ownership. Whether you need to add someone's name to the title, remove a name or even update your name following marriage or divorce, you'll typically need to complete a transfer of title form from the relevant state government website.

    Here's how to complete the NSW property transfer form:

    1. Get a copy of the form
    In addition to Transfer Form 01T, you’ll also need to complete a Notice of Sale or Transfer of Land (form 10-0520).

    These forms are also available:

    • Online from the LPI website
    • From LPI's customer Service centre
    • From the Client Services Counter or the cashiers at the LPI Sydney office
    2. Use black or blue ink
    If handwriting, use block letters. Don’t use white-out to correct any errors; instead, rule through any material you want to delete and initial the left-hand margin of the form.

    3. Provide the Torrens Title
    In part (A), enter the number for the Torrens Title for the land being transferred.

    4. Provide Lodged By details
    In part (B), provide the details of the person or firm lodging the form. You’ll need to enter your name, address, phone number and customer account number (if you have one).

    5. Provide the details of the transferor
    In part (C), insert the full name of the person or corporation who is the transferor of the property.

    6. Insert the consideration figure
    In part (D), enter the price or other consideration amount for which the land was transferred.

    7. Complete Section (E)
    If the land is being transferred to the transferee an estate in fee simple, leave the form as is. If you are transferring an estate other than fee simple, rule through ‘fee simple’ and insert the required estate in uppercase text.

    8. Specify the share transferred
    If transferring less than the whole of your share, specify the amount being transferred. For example, if you own a half share and are transferring one half of that, insert ‘as regards a one-half share of the transferor’s one-half share’.

    9. Writ details
    In part (G), if the transfer will be made subject to a writ, enter the registration number of the writ. If no encumbrance applies, leave this section blank.

    10. Insert transferee details
    Provide the full name (or ACN, ABN or ARBN for a corporation) to whom a share of the property is being transferred.

    11. Enter tenancy details
    Next, if there is more than one transferee, you must enter the tenancy in which they will hold the land. For example, ‘joint tenants’, ‘tenants in common’ (including the share each tenant wishes to hold) or ‘tenants in common in equal shares’.

    12. Execution
    This form must be completed by the transferor and transferee or on their behalf – select the relevant option from those provided. Any witness must not be a party to the transaction, must be an adult and must know the person executing. In addition:

    • If the form is executed by an individual on their own behalf, their signature must be witnessed
    • If the form is executed by an attorney, the power of attorney must be registered and the attorney’s signature included
    • If the form is executed by a receiver or delegate, a statement must be included to explain this and the receiver or delegate’s signature must be witnessed
    • If the form is executed under authority, the nature of the authority must be disclosed
    • If the form is executed by a solicitor or licensed conveyance on behalf of the transferee, the signatory’s full name and capacity must be included in block letters
    • If the form is executed by a corporation, the form of execution should refer to the power of authority relied on by the signatories
    13. Complete Section (K)
    This section only needs to be completed if the notice of sale data has been forwarded through the eNOS facility.

    14. Lodge the form with LPI
    In addition to Transfer Form 01T you will need to provide:

    • A completed Notice of Sale or Transfer of Land (NOS) form;
    • The original Certificate of Title for the relevant property (if not already produced);
    • The lodgement fee; and
    • If using the form for severance of joint tenancy, a statutory declaration of the names and postal addresses of the other joint tenants and any mortgagees
    Hope this helps!
     
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  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    And get legal advice on the consequences before doing anything.

    Example. I have seen people transfer ownership between spouses and put down 'nil' for the consideration. This will mean the interest on any loan associated with the property will not be deductible.
     
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  3. Dan L

    Dan L Member

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    In NSW, the transfer has stamp duty implications as well. Regardless of whether there is stamp duty payable or satisfies criteria for an exemption, the transfer requires stamping.
     
    larrylarry likes this.
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Good post

    Self conveyance is only very rarely a good idea.

    ta
    rolf
     
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  5. JDM

    JDM Well-Known Member

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    I think a pretty good rule is that you should not try and do your own conveyance if you don't know how to fill out the form. While a guide like this may get the form sorted, it should be no substitute for adequate legal advice prior to the transfer to ensure all factors have been considered (duty and tax being the main issues - asset protection to a lesser degree).
     
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  6. larrylarry

    larrylarry Well-Known Member

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    Agree. Get legal advice. For a small consideration, you remove the risk of getting things wrong which may cost you greatly.
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I am a lawyer but still don't do my own conveyenancing - if I stuffed up who could I sue? But I do the conveyancing for my wife as she could sue me if I stuffed up and I would be covered by my PI insurance.
     
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  8. larrylarry

    larrylarry Well-Known Member

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    Yes Terry. I don't do mine either.
     
  9. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    You do mine and I will do yours?
     
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  10. JDM

    JDM Well-Known Member

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    This is a good point as well. I'm also not doing the conveyance for my own purchase even though I have done enough conveyancing to be able to do it in my sleep. We had a situation at one of my previous firms where one of the paralegals did a conveyance for one of the partners and missed some big plumbing issues. The partner had no one to blame or sue because it was his own employee and firm.
     
  11. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    If you are running a law firm through a company technically you could contract with the company as you and the company would be different entities. But I am not sure how the insurer would act if you stuffed up the conveyancing as an employee when you were working for yourself.
     
  12. JDM

    JDM Well-Known Member

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    I would be surprised if this was not an exclusion in the policy but you never know. The increase in premiums/excesses for conveyancing related issues with Lexon is often a deterrent to make a claim for an employee mistake I would guess also.