How to add name to existing NSW title to become joint tenant of property
A family member is currently the sole owner of a property (apartment unit) in NSW. We need to add my name to the title so that we become joint tenants. How do we go about doing this, and is a valuation required in order to calculate the amount of stamp duty I need to pay?
Hi there. To include your name on the Certificate of Title, you will need to have an interest or share in the property. To do this, you need to complete and lodge the following forms with your local Land & Property Information (LPI) office (www.lpi.nsw.gov.au).
- Transfer form 01T – This form records your acquisition of an interest in the property. The existing owner is the ‘transferor’ and you and the existing owner will both be the ‘transferees’. You will need to indicate whether you and your family member are to hold the interest as ‘joint tenants’ or ‘tenants in common’. These terms each have a special legal meaning and can lead to different outcomes in the event that one person dies. You should seek legal advice about the type of co-ownership you want.
- Notice of sale (NOS) form – This form can be completed online or ordered in hardcopy from the LPI website.
- Original Certificate of Title – This document will be held by the current owner or the lender, if applicable.
- Any mortgage documents – If the property is mortgaged, your acquisition of an ownership interest in the property needs to be reflected in the mortgage documents. You should contact the lender to discuss the proposed transfer as soon as possible.
Stamp duty is payable on the transfer of land. As a transferee of land (i.e. someone who is acquiring an interest in land), you will be required to pay stamp duty to the Office of State Revenue (OSR), unless the current owner of the property is your spouse or de facto partner. Duty is calculated based on the total dutiable value of the property subject to the transaction. If you are not paying money to your family member to acquire an ownership interest in the property, then you will need to provide evidence of the value of the property. This will require a valuation of the property to be done. Note that the ‘Transfer form 01T’ referred to above must be stamped or marked by the OSR before presenting the form to LPI. More information on stamp duty can be found at www.osr.nsw.gov.au.
Suggested way forward
Dealing with property can be a complicated process, especially when transferring between family members. Stamp duty can also involve significant costs, so it is worth speaking to a property lawyer who can fully advise you of your legal rights and obligations. By pressing the “Consult a Lawyer” button, LawAdvisor can help you search for experienced lawyers and obtain fee proposals for their services. Costs for legal advice and representation will vary between providers based on experience and the scope of services.