does anyone has any experience in transferring a title for a private home? Just a normal transfer, from one name to the next, without any purchase and sale agreement, without any lawyer? What is there to do?
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What is the consideration? Rates? Insurance? Resource consent issues? Any mortgage? Any encumbrances on the title? LIM matters? Are the parties related? Is there a gift? Is there notional income in the hands of the purchaser? GST? How will the parties be identified to avoid the fraud provisions of the Land Transfer Act 1952? Who will notify QV and the local authorities? How will they do that?
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Thanks Winston, so many questions!
Rates and insurance are not issues.
Resource consent is no issues.
There is no mortgage.
No encumbrances on the title.
No LIM matters.
The parties are not related, just friends.
No gifts.
No notional income for the purchaser
GST in included (private home)
The parties can be identified by normal identifiction (passport). the title holder by the title certificate (I guess)
Yes, who will notify the QV and the local authority? And how? I thought somebody might answer me that please.
Just a title transfer from one name to the other (private persons)
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Yeah there has always been gifting issues to consider. Because if you didn't have to pay any tax when transferring assets to another person, you could pay them in property, goods etc. Or you could reduce your wealth by offloading assets to kids etc.
The gifting laws are currently being changed though.
It's a question for your solicitor.Squadly dinky do!
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i don't know too much about the land transfer system but it's not like change of ownership of car
there is no gov. clerk who will file the change of ownership papers
the gov. has delegated that responsibility to the lawyers who do it by computer
so i think it HAS to be done by a lawyerhave you defeated them?
your demons
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Or authorised conveyancing company.New Zealand's #1 Marketplace for Property Investors & Sellers!
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I will personally rather use a layer then a conveyancing company.
hearing story's about muck ups from the above.New Zealand's #1 Marketplace for Property Investors & Sellers!
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