Does anyone know if the titles office charge you to alter your title from joint tenants to tenants in common
NSW : Its does involve some legal process to sever joint tenancy and docs and a solicitor / conveyancer will need to electronically submit the application. Solicitors may need to give advice on the effect of severing JT and certify they have done so. And provided the % remains TIC in equal shares no transfer duty applies as the process for JT to TIC is a exemption in its process that avoids transfer duty where any other basis may not. Mortagee consent isnt required. A caveat isnt impacted and will remain. Ironically BOTH owners dont each need to consent, but likely should. BUT the other owner does not "need"to be advised. Care should be taken under legal advice so duty isnt triggered. s97 of the Real Property Act 1900 (NSW) explains the concept. The reasoning to the "one person"rule is this acts in a similiar manner to altering and updating a will when a JT is altered. Hence the other interest need not be informed of the change however they will possess a legal interest which "should" be the same. It may not however if the other owner is holding as a nominee or on trust. Hence the legal advice in s97(6)(d). You dont want accidental triggers for duty Each state will have similar provisions
one joint tenant can sever the joint tenancy without permission of the other, but they must be informed of it. Title need not change either. legal advice is recommended
