Our team of property lawyers can guide you through the complex process of transferring property. We can prepare the necessary documents for the assessment of duty and register the transfer on your behalf.
Property transfers involve various legal processes and considerations, and the need to transfer a share or interest in a property may be triggered for reasons other than a typical sale/purchase transaction.
For example, when an owner or co-owner of real estate dies, steps must be taken and the appropriate documents prepared to transfer the property to a surviving joint tenant or beneficiary under a Will. In such cases, an application is made with the relevant state titling authority. The correct form to be used and duty payable depends on the circumstances and who is receiving the share in the property (the transferee). The transaction may also require discussions and negotiations with a lender if the property has a mortgage registered on title.
In other cases, after a marriage or de facto relationship breaks down, property may need to be transferred between parties pursuant to a formalised property settlement agreement or court order. In these circumstances, the transfer may be subject to certain transfer duty exemptions or concessions. To claim a concession there must be a compliant agreement or court orders in place, and the correct forms need to be completed and lodged with the land titling authority to register the transfer.
Shares in property may also be transferred where property is gifted to children or other family members.
Property transfers can be quite complex. In addition to the legal considerations there are often financial and taxation implications. In such cases, we might recommend you obtain additional advice from a tax accountant or financial advisor who we can work with to structure the transaction appropriately.