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We’re home to lawyers and certified conveyancers, dedicated exclusively to helping people with property transactions. We believe in making it simple for people to buy, sell and transfer property.
If you need to transfer your property to another person, we’ll help you through the conveying process.
When you transfer a property (either a house transfer or the transfer of land) you are essentially transferring an ‘interest’ in that property’s title, which is recorded on the Torrens Register in NSW. To do this, we’ll work with you on conveying the property, and to complete a transfer document.
Stamp duty requirements
Revenue NSW requires the transferee (the person ‘purchasing’ the property) to obtain a valuation from a registered property valuer, so that stamp duty can be calculated.
The transferee is required to pay stamp duty on the higher amount of the current market value (as determined by the valuation) of the share being transferred or the agreed purchase price.
Transferring as a gift
When giving ownership (gifting) to a third party, there is no exchange of money. If you are transferring the property as a gift (such as transferring property to family), then you will need to fill out and sign a gift deed. This is irrevocable and you cannot take back what you have gifted to another.
Transferring title to a spouse
Conveying the matrimonial home between spouses, may also be done by filing a Transfer of Land (land transfer form) with the title office. Following marriage, you may wish to change (or add) a name onto the land title, to include a spouse. This type of house transfer is referred to as a ‘love and affection’ transfer, and is free of stamp duty.
After a marriage breaks down, a spouse may be required to be removed from the title of a property. Stamp duty is not payable in this case. However, stamp duty is due and payable if the removal of a proprietor on the title, is not due to marriage breakdown.
Deceased estate transfers
If you have received property from a deceased estate, ‘in accordance with the terms of the will’, you will only pay transfer duty at a concessional rate. As beneficiary, you’re entitled to the property under the terms of the will, (or if the person died without leaving a valid will), under the rules of intestacy.
Valuing the house or land transfer
A valuation for stamp duty purposes must be obtained from a valuer to calculate the stamp duty which will be payable, dependent upon the share of the property being transferred. Stamp duty will be payable on the higher amount of the current market value (as determined by the valuation) of the share being transferred or the agreed purchase price.
Financial considerations when transferring property
Before you transfer ownership of a property, understanding the tax consequences is critical. When gifting a house, the Australian Taxation Office (ATO) may assess the transfer for capital gains tax. Other consequences of gifting, may extend beyond taxes and impact a transferee’s pension or Centrelink payments. For further information relating to real estate taxes, please seek professional advice from a financial manager or property tax expert.
3 Steps to transferring a property
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If you need to transfer your property to another person, we can provide you with expert legal advice and we’ll help you through the conveying process.
Transfers between family members are liable to transfer duty, however some transfers may qualify for an exemption or concession.
Revenue NSW provides some helpful information about transfer duty and exemptions or concessions.
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)
- 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. De facto couples must be living together for at least two years before applying for this exemption.