Adding a partner on Title involves several steps to ensure the process is legally sound and efficient. Once the intention has been communicated, a detailed review of the current property documentation is carried out. It’s essential to verify compliance with local regulations and the existing contractual terms. Subsequently, any necessary amendments to financial agreements, such as mortgage arrangements, are coordinated with the relevant institutions. Stakeholders like outgoing & incoming bank must be informed promptly to avoid any procedural delays. Once these steps are completed, the process for including your partner on Title moves forward seamlessly.
Below is a step-by-step guide outlining the standard process for adding a partner on title.
Role of Transferor & Transferee
- Happy with our fee, instructions given to Ninth Settlements to act on.
- Documents received, review, signed and sent back to Ninth Settlements
- Refinance/new finance – finance secured, mortgage discharge lodged if mortgage noted on the Title.
- Statement received, funds transferred to Ninth Settlement.
Role of Settlement Agent
- Instructions received, required documents prepared & sent to transferor & transferee.
- Documents received, making sure all sign correctly, notify our representation to all other stakeholders e.g. mortgagee on title, mortgage broker, incoming mortgage etc.
- If title has no mortgage, settlement date established, notify settlement date to transferor & transferee.
- Finance approval received, settlement date established and notify all the stakeholder.
- Settlement statement prepared & sent, fund requested, liaising with all the bank if all ready.
- Funds received, settlement completed, notify all the stakeholder, change in ownership advised to relevant government authorities.
- Final documents sent e.g. new title, final statement.
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