The transfer of the whole or part of a property between relatives and friends can be  complicated and expensive process if it is not handled properly.

Transferring Property To A Family Member
When you transfer property to another family member the person acquiring the property is required by the Office of State Revenue to pay stamp duty on either the current market value of the property, or the purchase price whichever is the higher.

To ensure that you do not transfer the property to the family member for less than the market value you are required by the Office of State Revenue  to get a property valuation from an independent valuer for stamp duty purposes. Regardless of whether you transfer the property for less than the valued amount the family member will be required to pay stamp duty on the valued amount.

If you have a mortgage on the property you will need to advise your Lender that you are transferring the property and a Discharge of Mortgage will need to be prepared. If another person will now jointly own the property with you it is likely that your current mortgage will need to be refinanced in the name of both owners. Your Lender may impose fees and charges and you should check these.

Platinum Property Law will:

• prepare the necessary agreement and legal property transfer document required for the property transfer;
• organise for these documents to be signed by all parties; and
• liaise with all Lenders to discharge the existing mortgage and/or arrange any required new mortgage.

 

Platinum Property Law will also advise you of all the legal implications of the transfer on you and the person acquiring the property.

 

Transferring Property Due to Marriage or a Defacto Relationship
If you want to add your new spouse or defacto partner (of at least two years) to the title of your property stamp duty is usually not payable provided that the appropriate documents are completed for the Office of State Revenue. This exemption only applies to the transfer of your matrimonial home.

If  there is a mortgage over the property you will need to ask your Lender if they will allow your partner to go on the title for the property and pay any required fees to the Lender for the Certificate of Title to be produced to the Department of Lands to have a new Title Deed issued in both names.

Often a Lender will require the new partner to be added to the mortgage and if this is the case the existing mortgage will need to be discharged and new mortgage documents signed in both your names. The Lender may impose charges for this.

Platinum Property Law will prepare the necessary property transfer document and Exemption of Stamp Duty Form required to be lodged with the Office of State Revenue and the Department of Lands.

Platinum Property Law will also liaise with your Lender and assist you to satisfy their requirements for the property to be transferred.

 

Transferring Property Due to A Relationship Breakdown
When a person is to be taken off the title due to marriage or relationship breakdown, stamp duty is not payable, provided that the required documents are completed.

You will need to advise your Lender that your partner is to be taken off the Title and they will generally require the existing mortgage to be discharged and for you to enter into a new mortgage in your name only.

Platinum Property Law will prepare the necessary property transfer document, Separation Agreement, if not already available and Exemption of Stamp Duty Form and arrange for you to sign any required documents.

Platinum Property Law will also liaise with your Lender and assist you to satisfy their requirements for a refinance.

 

Stamp Duty
If you require a name to be removed from the title to your property for reasons other than a relationship breakdown, or a new spouse or defacto partner stamp duty is generally payable.

We know the property business inside out. We are your one-stop property and lease shop.

If you have any questions on transferring your property please call Property Platinum Law.
For More Information Call Us Now On : 02 9627 7400