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Transfer of Property
We can assist you to transfer a property to your name, or to a third party, with property settlements after divorce (wherein one spouse transfers to the other), family transfers and with estate planning.
Spouse to Spouse Transfers (property settlements)
Once a property settlement has been agreed between spouses and they have entered into either Consent Orders or a Binding Financial Agreement (if this has not occurred we can also assist you with this process) we can assist you to transfer a property pursuant to that agreement.
As it is a property settlement pursuant to The Family Law Act (1975) Cth you may be entitled to a stamp duty concession. Our experienced Solicitors can discuss this with you and provide the necessary advice.
When transferring property between family members, we shall prepare a transfer document. It is important to ensure that the transfer of ownership is an arms-length transaction, in particular for stamp duty requirements. The Revenue NSW administers the Duties Act 1997. Under this Act, a transfer duty liability is created when a person enters into a dutiable transaction relating to dutiable property in NSW.
We will arrange for a valuation to be prepared (no more than 6 months old) by a property valuer, which is required to accompany the transfer document when stamp duty is paid to Revenue NSW. Stamp duty is calculated on the value attributed by the valuer for the percentage being transferred.
If there is an existing mortgage on the title, the mortgage will be required to be discharged on registration of the transfer. If the transferees have a mortgage then their mortgage will be registered after the discharge of existing mortgage has taken place.
Usually, such a transfer is effected when parties marry and they agree to a property being in joint names, or for estate planning purposes. We can also assist and provide you with advice regarding estate planning.