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Signing Contract - Single Name

Discussion in 'The Buying & Selling Process' started by Sean Reynolds, 5th Oct, 2015.

  1. Sean Reynolds

    Sean Reynolds Member

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    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
     
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    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).
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    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.
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    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.
     
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  6. KateAshmor

    KateAshmor Victorian conveyancing lawyer Business Member

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    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.
     
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  7. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    ^ ^ this one, as Kate said. We do this a lot for absentee purchasers.
     
    Last edited: 6th Oct, 2015
  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    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.
     
  9. KateAshmor

    KateAshmor Victorian conveyancing lawyer Business Member

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