What happens if you need to transfer the whole or part of a property?

There are a number of reasons why you may need to transfer the whole or part of a property to a family member (or another third party).

For example:

• You might have to transfer the whole or part of a property as part of a Family Law settlement
• You may be acquiring an interest in a property presently held by another family member
• You wish to became the legal owner of a property previously held on trust for you by a trustee
• You may wish to transfer a property to your child or children
• You are named, together with others, as a beneficiary of an estate and you wish to acquire (subject to the agreement of the other beneficiaries) an additional interest in a property left to you in the will of the deceased
• You are changing the trustee of your family, unit or discretionary trust. Such trustee holds property as an asset of the trust, such property will need to be transferred from the retiring trustee to the new trustee.

The legal implications of transferring property

Although this might seem a simple thing to do there are a number of legal issues you need to consider.

That’s where Pitt Street Conveyancing can help…

You see, after more than 24 years in conveyancing, Pitt Street Consulting solicitors can guide you through almost any situation related to the buying, selling or transferring properties.

Pitt Street Conveyancing can answer all these questions for you…

• What are the stamp duty implications of such transfer?
• Are there any exemptions available?
• How much stamp duty will I pay?
• Am I eligible for the First Home Owners Grant?
• How do we agree a price or the consideration?
• How do we satisfy the Office of State Revenue as to the value of the interest in the property being transferred?
• Do I need to prepare a Contract?
• Are there any capital gains tax and GST implications?

And do a whole lot more than that. Because if you do need to prepare a Contract… If you DO need to apply for exemptions… Pitt Street Conveyancing can assist you through this process.

Questions? Contact us on (02) 8256 4788 – or request a quote now.