Question
of the week
Question of the week

Curious. Interesting. Informative.

23 April 2021

Striking a happy medium

Sale, Purchase, Mortgage, Lease
Victoria

Asked

Conveyancing - Partition agreement

Four clients – A, B, C and D – have purchased a property and subdivided it into Lot 1 and Lot 2. A and B wish to own Lot 1 and C and D wish to own Lot 2. Please advise as to how this can be done.

Answered

Thank you for the question.

Registered proprietors of two lots may partition, that is, divide amongst themselves, those lots so that A and B own Lot 1 and C and D own Lot 2. There will be no duty on the two transfers provided that the present ownership is equal, ownership after transfer is equal, and the two lots are of the same value.

It would be a good idea to record the proposal in a partition agreement signed by all parties before proceeding to transfer the land. See the By Lawyers Sale of Real Property (Vic) matter plan, folder B. Contract in the Library of other contracts, deeds and agreements.

Regards

Mentor