Signing Contract - Single Name

Hi all,

Looking at purchasing a property in joint names with my partner. She'll be away when I'm interstate looking at properties.
Is there any issue with signing a contract of sale in just one name, and adding her name at a later date?
I could email her the contract and have her sign/return when she has access, but with the market the way it is at the moment, time may be the essence.

Thanks

 

Sign "<your name> and or nominee". You can then nominate her as a co-owner when she returns, your conveyancer can take care of it. The rules can vary from one state to another, but this should take care if it.

Keep in mind she'll also need to sign the privacy agreement on a loan application (if you don't already have a pre-approval).

 

Re the dangers of and/or nominee see
Legal Tip 5 And/or nominee and stamp duty issues https://propertychat.com.au/community/threads/legal-tip-5-and-or-nominee-and-stamp-duty-issues.389/

 

Be careful which state you do this in. It was recently allowed in SA but can get charged double stamp duty in others.

If it's an IP probably wouldn't put it in both names anyway.

 

If by partner you mean de-facto spouse then the contract may be able to be in one name with the transfer in both without major stamp duty issues. Check with your solicitor before signing.

 

You can also sign on her behalf under a Non-Enduring General Power of Attorney (if she gives you one). We often prepare these for couples where one person will be away when the other is buying a property.

 

^ ^ this one, as Kate said. We do this a lot for absentee purchasers.

 

Kate

What is it called when one enters the contract but 2 go on the transfer - transfer by direction I think. Is that possible in Vic?

That would also provide asset protection benefits as only one could be sued in it didn't complete.

 

Terry, it's a nomination of an additional transferee. Yep, very common.