There are many instances where we can help clients with land or property transfers.
All property transfers or changes of names on title are required to be done with the assistance of a property lawyer or conveyancer.
Changes to a Certificate of Tile can amend the names or type of ownership and the percentage of ownership on title. It can also deal with other property issues such as subdivisions and amalgamations.
Changing or transferring ownership of property can sometimes involve monetary consideration.
Othertimes it can be for nil consideration. This is for property transfers that arise out of a new relationship between spouses or defacto couples or a breakdown of a marriage or de facto relationship. It can also be a gift or due to a bequeath in a will.
The transfer of ownership of land can be fractional or whole. Being part of your ownership or all of your share.
Whether money is part of the transfer of names on title or not – the same legal process applies.
All property transfers will require stamp duty to be assessed, with stamp duty being calculated on the dutiable value of the property.
Sometimes, transferees may be entitled to receive a stamp duty concession and/or exemption. This is dependent on the type of property transfer being made. For example parties that are married or in relationship transferring all or part of their share in a property to their spouse/partner may receive a concession. This applies for that it is Principal Place of Residences on the grounds of “love and affection”.
Similarly, if the transfer is being performed as a result of a breakdown of a relationship/marriage, then stamp duty will not be applied.
Please note, in each circumstance, certain eligibility criteria will need to be applied and this is determined on a case by case basis. Our firm will be able to advise you on whether or not your intended transfer may attract any stamp duty and will complete the Stamp Duty application on your behalf.
The steps are similar to any other sale or purchase of a property.
Once we have your instructions we can provide you with the appropriate advice on your property transfer. Depending on the circumstances, we may advise you require a contract of sale. Other times the transfer can be completed without the need of a contract of sale.
We will also complete the necessary documents including the Transfer of Land and Notice of Acquisition documents, stamp duty assessment and electronic documents.
You will also need to obtain a valuation of the property and complete your Verification of Identity. Sometimes, if there is a mortgage on tile, we may need you to notify your bank that you intend to complete a transfer and the bank may need to either discharge the mortgage or apply another mortgage on title.
If money is being exchanged as a result of the transfer, the Statement of Adjustments need to be done and settlement figures calculated. Authorities also need to be notified of the new ownership and title details.
A conveyancer or lawyer can act for both parties in a transfer and normally does. It requires another form to be completed where both parties consent and acknowledge that the conveyancer is acting for both parties.
Oftentimes, there is no requirement to prepare a contract of sale to complete a transfer. Especially if the transfer is considered a related party transfer. However, there are some instances where the preparation of a contract of sale is beneficial, especially if there is monetary consideration being paid as a result of the transfer. Other times, a contract of sale may be able to clarify any GST concerns or to qualify the terms and conditions of the transfer. This would record the agreement and terms for any GST or or tax matters.
The time involved to complete the transfer process is dependent on a number of factors including, but not limited to, the parties involved, whether or not there is a mortgage of on title and whether or not a contract should be drawn.
Sometimes, transfers can be delayed, especially if a particular concession is applied where the State Revenue Office identifies the transfer as being ‘complex’. Or if a bank is required to complete a refinance or discharge on a mortgage. Our office will be able to advise an estimated time to complete the transfer.
We can help provide clear advice and manage the property transfer process for you. It is important to get the right conveyancer to help you as the process has many moving parts and time frames can be extended if everything is not properly planned and considered.
We make sure that you understand the process and are aware of any issues that arise. Our experience means that we can quickly avoid issues and provide solutions to rectify problems quickly.
At Conveyancing Depot, we are a dedicated conveyancing law firm. Our team is made of expert conveyancers and conveyancing lawyers that are well experienced and very helpful.
Call one of our conveyancers today on 1300 900 440 to get help with your property transfer.