Changing property ownership without using a lawyer

[iwik]

Looking to place my mums house in my name, what is the process please of
doing so without using a lawyer ?

Cheers

iwik

[Rosco]

Hi iwik,

Generally in your case, you would also want to use a lawyer to protect yourself.

Obviously you would need a sale and purchase agreement because they are effectively selling it to you
Then documents around what debt you owe them, how this is to be secured, paid back, interest etc.
Maybe gifting documents
At settlement, most people use a lawyer. So I'm not sure of the exact process, but you would obviously need permission from bank if there is a debt, and signed transfer documents from each party.

Ross

[iwik]

Cheers Ross

The house will be gifted to me - no money owed on it (no mortgage)

Bit miffed why I need to use a lawyer when I'm dealing with my mum ?

Just want to change the name on the property title ? (How can this be done
without a lawyer - some folk even do there own lims and pims search etc)

[Perry]

There are PropertyTalk Forum threads on just this topic.

Recent one.

Older one.

I vaguely recall there is another one, too. Just can't
put my mouse finger on it, right now.

[Meehole]

Looking to place my mums house in my name, what is the process please of
doing so without using a lawyer ?

Cheers

iwik

What's the benefit to your mother transferring the title out of her name?

[Rosco]

Cheers Ross

The house will be gifted to me - no money owed on it (no mortgage)

Bit miffed why I need to use a lawyer when I'm dealing with my mum ?

Just want to change the name on the property title ? (How can this be done
without a lawyer - some folk even do there own lims and pims search etc)

As I put, its not just a title change. It's a sale to you.

For rest home subsidies for example, they will look at the gift and then include this as your mothers assets as other $27,000 per year.

Ross

[Meehole]

As I put, its not just a title change. It's a sale to you.

For rest home subsidies for example, they will look at the gift and then include this as your mothers assets as other $27,000 per year.

Ross

Don't want to get offside with the 'gummint' either. Best to find out now what the situation is regarding changing assets out of her name if she is looking to the future and a rest home.

[iwik]

Cheer Perry - looks like cannot be done readily these days.

I'm with you now Rosco - sorry for the slow up-take, considerations that had never occurred - thanks

What's the benefit to your mother transferring the title out of her name?

She's joining the SIS and leaving all traces of her previous life behind.


We are wanting to swap properties - her house for a flat (that is in a block of rentals), and
money at a later date.
The deal was going to be a gentlemen deal with no change of title, I would buy her
a flat of the same value when the block of flats were sold.
Mum and I have a bond of trust but was thinking should get my name on the title
so any improvements done on my part cannot be reaped by my sister in the form
of an inheritance.

[Meehole]

As we have experienced Aged Concern have Case Managers assigned to their elderly 'clients' as they maintain that there is alot of fighting amongst siblings over what they are entitled to upon the parents death and as well times that the elderly person is ripped off by family members trying to rearrange their affairs.
I didn't know it was an issue and I certainly didn't know there was an agency that handled these types of affairs until we became involved at a personal level.

[iwik]

As we have experienced Aged Concern have Case Managers assigned to their elderly 'clients' as they maintain that there is alot of fighting amongst siblings over what they are entitled to upon the parents death and as well times that the elderly person is ripped off by family members trying to rearrange their affairs.
I didn't know it was an issue and I certainly didn't know there was an agency that handled these types of affairs until we became involved at a personal level.

Interesting - Age Concern become the sheriff these days - use to facilitate scones and
bingo when I use to do work for their clients.

The rest home hadn't even entered my head when posted this topic, my mum does not
retire till 2016. Be no ripping, be all done by registered valuations.

What about a trust - does that still give cover for free rest home care like people
get that have blown their money on booze and the gee gee's ?


cheers
iwik

[Perry]

Meehole has it right! Make sure that everything you do is well documented, even
with explanatory details, rather than simple legal matters and - if possible - include
your sister and other family members. Get it all out in the open! I take my own
advice when assisting with my parents' affairs, by informing brother and sister of
the actions and reasons. It's worked well, so far. There are few things that do seem
to bring out the worst in siblings more than scrapping over parental assets or estates.

Yes, Trusts are investigated by WINZ, when a Rest Home Care subsidy is involved.

[iwik]

Cheers again Perry

Yes humans have a tendency to grow horns over inheritances so will do it through
a lawyer and have the Tee's crossed along with explanatory details.


Thanks all

[Perry]

Is there an option outside the box?
Something other than a sale?
Random thoughts . . . .

Renting / Leasing (lifetime tenancy)?
License to occupy?
Sale effective on death?
Joint / Common tenancy title?

[iwik]

Cheers - racked the old brain more than a few times.

Probably just apply for loan next year.

Mums wanting to move to the west coast when she retires,
with the low prices over the alps will no doubt make the deal easier
to achieve.