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I am buying a half share of my friends home. She has a mortgage

 
christhelawyer's Avatar
  • Answered by:christhelawyer
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Customer Question

I am buying a half share of my friend's home. She has a mortgage which she intends to pay off - so the house will be freehold. I will pay her the money when my term deposit comes up. How do we change the title?

 



Already Tried:
Looked online for info on Property title transfer but no real answer to my question.

Submitted: 289 days and 14 hours ago.
Category: New Zealand Law
Value: NZ$59
Status: CLOSED

Accepted Answer

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Expert:  christhelawyer replied 289 days and 5 hours ago.


christhelawyer :

Hi Welcome to JustAnswer. My first response will follow shortly. Please feel free to follow up if anything is not clear

Customer :

I have found info online about being tenants in common and having a co-ownership agreement. How do we do this and does it include change of title?

christhelawyer :

I posted a reply-did this not come through? I said that the change is done when the share is transferred to you and achieved quite simply by adding the words "as tenants in common in equal shares" to the documents.

christhelawyer :

As for the property agreements, this depends on whether you are in a relationship, or this is an investment-which is it here?

Customer :

No I did not get your original reply... it simply said you would post it shortly.

Customer :

How is the share transferred to me and what documents are you referring to?

Customer :

We are not in a relationship - we are old friends. She wants to become financially independent by paying off her mortgage and I am looking for a home base when I am in NZ (I travel overseas 6 months of the year).

christhelawyer :

The share is transferred by the process of signing the authorised nominating authorities with your lawyer, to transfer the share. In those documents you would direct that the transfer be toIn this case you would need an agreement which sets out the terms of use of the property, the liability for maintenance, who would do the administration like ensuing rates and insurance are paid and so on. You should also include provision if either of you want to sell, then how you would do so-rights of first purchase perhaps by the other party, and approval of a new owner. You would definately need tenants as common in this situation.

christhelawyer :

* a piece missed out "the transfer be to both of you as tenants in common in equal shares"

Expert TypeLawyer
Category: New Zealand Law
Pos. Feedback: 98.1 %
Accepts: 7748
Answered: 6/30/2012

Experience: LLB MMgt FAMINZ 32 years qualified as lawyer

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