I need to know what else I should do/procedure—currently, house under joint name between my wife and me. I want to transfer my 50% to my wife, and I believe stamp duty is exempted under transfer of love in the property.
What else I need to do?
Do I need to go land office to do this procedure or engage a lawyer to do MOT?
I would think this is zero cost except for some fee for the land office for some form to fill up.
Thanks and Regards,
Thank you for your questions. There are many questions, and I will try my best to reply to them.
I understand the property transfer confusion; I was too confused when I first know about the procedure.
Let me help answer your questions, and hopefully, I can steer you in the right direction.
First of all, it is correct that the stamp duty for property transfer between spouse is exempted;
we called this property transfer transaction as Love and Affection transfer.
And Yes, you can do a property transfer between spouse if you fulfil the criteria.
One crucial piece of information before doing a property transfer is whether the property still charged to a bank.
PROPERTY FREE FROM ENCUMBRANCE
If the property free from encumbrance or no bank loan. You can directly go to the land office to do it or hire a lawyer to do it for you.
You can walk into the land office and get the information and steps to do it. It might take a few trips, fill up a few forms and provide some documents.
On your own, the cost of doing it will be cheaper than hiring a lawyer because you are using your own time and discovering on your own to complete the transaction.
I can’t give you complete information on how to do it as I never do it independently. I prefer to hire a lawyer to do it.
PROPERTY CHARGED TO BANK
If the property charged to a bank or you are still servicing a loan for the house, your wife must refinance the property to another bank.
You can’t complete a property transfer without getting a new bank loan as the existing loan has changed, so you must apply for a new bank loan.
Due to the property still charged with a bank, you are required to appoint a lawyer to do it for both the property transfer and refinancing.
When it comes to dealing with banks, you need a lawyer to do the work.
So, yes. You can’t do it yourself.
The above advice is based on the assumption; the property is under individual or strata title.
If the property under a master title, it will be more complicated. I’d suggest you have a conversation with us so that we can give proper advise.
And if you want to know about the property transfer cost, you can click the link below and request a quotation from us.
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