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If you’re - by yourself or jointly with someone - receiving a part of or whole property, it’s best to have a mortgage approval in place. If there is a mortgage on the property being transferred, this mortgage has to be discharged.
This is a generic process & is not legal advice. Please discuss your specific situation with us.
It is not unusual for partners to want to add their loved ones into the title of the Property that they already own. This is one of the more common scenarios that we come across. In such situations, the Transferor and Transferee will need to provide us with proof of their relationship during the transfer. De facto couples must be living together for at least 2 years before applying for this exemption.
Transfers between family members are liable to transfer duty, however some transfers may qualify for a exemption or concession. We can often act on both Transferor's & Transferee's behalf in such transactions because the parties should be giving uniform instructions. Foreign transferees who are eligible for this exemption must still pay surcharge purchaser duty at 8 percent of the value of property they receive.
No transfer duty is payable where a transfer of residential land is between a married couple or de facto partners and the property being transferred is either the family home (principal place of residence) or vacant land which is intended to be used as the site of the family home. As a result of the transfer, the property must be held equally by both partners of the relationship. If you’ve already paid transfer duty but were entitled to an exemption or concession, you can claim a refund for up to five years.
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A Licensed Conveyancer handles your matter, assisted by an experienced matter owner to complete your matter timely & safely.
Our processes reduce the need for you to travel to our office usually. Vast majority of our clients never visit our office.
You can get exemption from paying transfer (as stated above) under the conditions that the property must be transferred to the partners in the relationship or either of them or a child or children of either partner, or a trustee for the child or children of either partner.
Also, usually capital gains tax (CGT) applies to any change of ownership of an asset. But, if the transfer an asset to your spouse or de facto or domestic relation is because of the breakdown of your marriage or relationship, then you may be eligible for a rollover (the person who is receiving the property will get the capital gain or loss when they eventually sell the property for example) of the asset.
We will only be able to act for one party in a Property transaction involving a breakdown of marriage / de facto / domestic relationship if there is a Consent Order / Binding Financial Agreement in place. If the parties are separating without the need for this formal documentation AND the clients are in communication with each other, then it is fine for us to complete the transaction acting for both sides. Note, a domestic relationship is one where two adults who aren’t married live with each other to provide care and domestic support.
We will based on your situation advise you about stamp duty implications of your transfer matter. If you're exempt, we'll help you with the exemption paperwork
Some transfers can be liable to capital gain tax. We will fully understand your situation and then provide advice as required & necessary.
Here, the transfer can be exempt from stamp duty if the property is being transferred to one of the partners in the relationship etc. Please contact us for specific advice.
It is not unusual for parents to want to gift or sell at a reduced price a property that they own to their children as a way of setting them up. In such situations, we can act on both sides because the parties would likely be in an amicable relationship with each other.
This is more of neutral territory and purely up to the type of relationship the parties involved are in. If there is a breakdown of a relationship which caused the need to separate title interest in a property, we may only be able to represent one side.
For the more sophisticated ones who have sought financial advice on how to best hold property, you may have properties held in the form of a Trust, or want the Property to be transferred into a Trust. For such situations, we can help, though we do not give advice in relation to how the Trusts are set up. We simply give effect to the transaction that the clients want to affect.
This category of transfer is often related to or incidental to a Transmission Application. A deceased person cannot effect dealings with their property. The deceased person’s name will need to be removed from the Title to the Property before further dealings can be affected. This can be done by putting the deceased’s estate through a process of Estate administration, a legal process that starts with proving that the deceased is in fact deceased, and that a representative is appointed to carry out the distribution of the deceased’s assets per their Last Will and Testament or otherwise by law.
We do not provide legal services in estates administration, which is a different area of law. However, we CAN effect changes to the Title of a Property that is a part of a Deceased Estate, if the appropriate documentation is made available. This process is additional and comes prior to any further Transfer of Property ownership to the ultimate owner. Note that we do not do standalone Transmission Applications, it must be paired with or incidental to a Transfer conveyance matter.
SYDNEY CONVEYANCING - Licensed Real Estate Conveyancers. We are a Sydney based firm in practice for several years & cover entire NSW for real estate Conveyancing. Your real estate matter deserves expertise and experience that we offer. We complete hundreds of conveyancing matters every year.
(02) 6989 4656
info@SydneyConveyancing.com.au
Unit A33 24 - 32 Lexington Drive
Bella Vista, NSW 2153
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