Lands title transfer

Can a property title be transferred out of one person's name into someone elses without the mortgagee(bank) being advised and approving?
Thanks

 

No.

 

The bank holds the title, they won't release it to you to register another interest.

 

This has happened to me..... I found out by calling the lands title office and they told me I was no longer on the title and I followed up with the lawyer who did the paper work for the party now on the title and enquired how he addressed the debt and he told me he would not respond to me.
Further the bank won't do anything?
Any advice would be really helpful

 

were you ever on title?
Was it fraud or a legitimate transfer?

 

Is this a spouse / defacto situation?

 

No, it's actually my mother and step father

 

Yes, I was on the title I have it documented from October 2020.

I guess that is what I am trying to understand?

I understand they may have been able to transfer my name off as I am no longer the trustee but my understanding is that the bank would need to approve?

As it stands the loan remains in my name and the title in my parents

 

Yes I was on the title, I have it documented, it was changed in March 2021

 

Documented in what way? Title search? Land tax notice? Council rates notice?

trustee for what?

 

Title search

 

Trustee of a family trust

 

How is that relevant to the property?

Sounds like you need a lawyer instead of dripping information word by word here?

 

This is the difficult part, the loan is a home loan in my name as trustee for the family trust, the loan as I understand is secured against the property. I am no longer the trustee, I resigned and now I am not on the title of the property.
This would all be fine but the bank will not discharge the loan from my name

 

to transfer title the mortgage would need to be discharged which would mean the mortgagor would need to sign the discharge forms

 

Mortgagor being me?

 

The bank is coming back and stating that the title can be transferred and the loan stay the same, it just doesn't seem right to me?

 

I presume with court orders it's easier to use a settlement agent/solicitor for the transfer of an IP into one person's name after separation, as with the below you also have to sort out the loans?

What do I need for my land transfer?

• Verification of Identity (VOI) – the identity of the person(s) signing as transferors and transferees must be verified
• Title Search (recommended) – used to complete the transfer of land form
• Forms – Transfer of Land (T1 or T2)
• 'Certificate of Duty' or document stamped - Obtained from Revenue WA (OSR) for the assessment of (stamp) duty - also presuming this is just deferred due to orders
• Duplicate Certificate of Title (if issued)
• Registration Fees payable to Landgate

 

Yes, use a solicitor

 

Thanks, Terry

What happens if the investment property is in a trust with regards to the trust and sale for less than construction valuie

eg only. Property constructed for $1M but only valued at $800 at XFER

It is a loss for the trust

How about the partner who gets it is XFER price reset for future CGT

Anything else to consider?