IS YOUR NAME ACCURATE ON YOUR CERTIFICATE OF TITLE?

 

Did you know the importance of having an accurate name on the Certificate of Title?  Often overlooked, Titles need to reflect the correct ownership when looking to sell, retain, or transfer a property. The necessary measures must be taken to ensure you have the right to deal. Settlement Agents are no stranger to sale/purchase settlements, but did you know we also do updates to Titles when a significant change has happened?  Here are some common updates that your settlement agent can complete for you:  Change of Name due to Marriage/Resumption of Maiden Name When you have changed your last name due to marriage/resumption of maiden name, your Title needs to be updated to reflect your correct surname ensuring the Title Deed for your property is correct and accurate. A process that can be completed by a Settlement Agent either at settlement or by standalone application, using your original Marriage/Divorce Certificate is simple but necessary.  Change of Name due to Error In the rare occurrence that your name is misspelt, in the incorrect order or your Christian name has not been shown, we will be able to assist and to amend this for you using a Change of Name application and Statutory Declaration.  Survivorship Applications Where parties are ‘Joint Tenants’ on the Title, the surviving joint tenant(s) must apply to be registered as the surviving proprietor(s). In this case, the surviving tenant(s) will complete the process of Survivorship Application. A process that is usually completed by a Settlement Agent using the electronic settlement program, PEXA, with only the Death Certificate of the deceased party is a quick and simple process that ordinarily takes 7 days to complete. Transmission Applications Where parties on a Certificate of Title are ‘Tenants in Common’ or under ‘Sole Ownership’, the transfer is completed using a Transmission Application. This involves the ‘Executor or Administrator of the Estate’ obtaining Probate in order to be registered as the ‘Proprietor of the Estate’ on the Title. Similar to the Survivorship Application, settlement agents are able to complete this process quickly and efficiently once Probate has been granted. Transfer to Beneficiaries Once Titles have been updated to the ‘Executor or Administrator of the Estate’s’ details, the Executor or Administrator have the authority to transfer the property into the Beneficiaries of the Will. A process which involves assessment by State Revenue can be completed in office effectively. Try not to guess what needs to be done and get the help of a licensed Settlement Agent they are the best people to help and point you in the right direction. MAKE YOUR OWN DECISION AND GIVE IT A REAL GO!! SELLING MOSMAN PARK & THE WESTERN SUBURBS!! KEEPING IT REAL IS OUR MOTTO!!