DIY Title Transfer

duluxe2000 on 06/10/2021 - 18:12
Last edited 07/10/2021 - 13:41

Hi,

I wonder if anyone transfer the title (with a mortgage) himself/herself (without using a solicitor/conveyancer).
1. I understand using a solicitor/conveyancer is recommended but this is a transfer between family members so I think it's ok to diy
2. I'm also aware that from 11-Oct, all paper dealings will be ceased, and e-Conveyancing should be done by solicitors/conveyancers only. Since I invested a lot into understanding the process, I'd like to know the complete picture of it.

This is the guideline for the transfer: https://rg-guidelines.nswlrs.com.au/land_dealings/dealing_re…

I don't understand the part that I need the original Certificate of Title, obviously the bank has it (since I have the mortgage) but when I explain to the bank, they have no idea what I'm talking about. So what does the bank need to do ?

Thanks

UPDATE : Thanks for everyone's advices, I will update to see when LRW office raises a requisition :) or reject my application :)

Home & Garden

Comments

  • haydoz on 06/10/2021 - 18:21
    +3

    The bank will not let go of the certificate of title until your mortgage has been paid out.

    Your family member will need to get approved for their own mortgage, and then their bank will provide funds to clear the old mortgage.

    • duluxe2000 on 06/10/2021 - 18:48
      -1

      What if the transferor and transferee are joint borrowers :/ ? In that case, the mortgage won't change, just the name on the title changes :/

      • loulou1 on 06/10/2021 - 18:55
        +2

        Nope, the mortgage was signed by the owner of the property. Loan documents and the actual mortgage are separate. The bank can’t just transfer the mortgage, a new one would need to be signed.

        • duluxe2000 on 07/10/2021 - 13:37
          -1

          Thanks, the more you know :). I will ask the bank to sort it out if new mortgage is required

  • Muzeeb on 06/10/2021 - 18:53
    +5

    Just pay for a conveyancer

  • Typical16-bitEnjoyer on 06/10/2021 - 19:13
    +4

    This falls into the category of DIY engine swap or DIY deck install. If you don't know what you're doing then hire a pro before you F it up.

    You may have "invested" a lot of time into it, but I doubt you understand the tax implications or the mortgagee requirements.

  • djkelly69 on 06/10/2021 - 21:15

    Sorry to say there is way more to this than you think there is, and you need the services of a solicitor or conveyancer.

    Aside from a number of other issues you haven't mentioned or likely considered, self-represented parties can't use PEXA at all.

  • pegaxs on 06/10/2021 - 22:19

    Yep, this won’t end up as another post a month from now on how it all went pear shaped.

  • GourmetFoodie on 06/10/2021 - 22:29
    +1

    Lol mate it costs like $1k Max. Just pay a conveyancer!

Login or Join to leave a comment
Login Join