Transfer to a Family Member
In the transfer of property between family members, the Solicitors at Falzon Legal can act for both the transferor and transferee. The transfer of property from a family member to another would require a valuation typically not more than six months old, and is usually obtained from the Office of Fair Trading NSW. This would be done by a certified valuer and is important when paying stamp duty. The transferee is then required to pay stamp duty as required by the Duties Act 1997 and Office of State Revenue NSW who administer the Act.
Falzon Legal will correspond with any financial institution on your behalf to ensure that you will not have any challenges with the transfer of the property, and the transferee. This includes preparing the documents needed for the smooth transfer of the property and the legal agreements.
Marriage or a De Facto Relationship
In the transfer of property, or when adding a new spouse or de facto partner to the title of the property, there usually isn’t a payment of stamp duty by virtue of s. 104B Duties Act 1997. If you require a person’s name to be taken off the title to the property you own other than for marital breakdown, stamp duty is payable.
Falzon Legal will correspond with any financial institution on your behalf. This ensures that you do not have any challenges by including your partner in the title for the property, and the fees to payable to the lender for the Certificate of Title. This is usually produced by the Department of Lands to have a new Title Deed issued in both names.
In most cases, this would be required by the lender, and when this happens, the existing mortgage would have to be discharged and new mortgage documents signed in both your names.
Falzon Legal will prepare the necessary documents such as the Exemption of Stamp Duty Form and Property transfer document required by the Office of State Revenue NSW and Department of Lands.
Broken down relationship
In a broken down relationship, a person can be taken off the title. However, under s.68 of the Duties Act 1997, stamp duty is not payable. This is subject to the conditions set out in the Act.
If there is a mortgage in the property, the financial institution should be contacted especially on a decision to take off your partner from the title of the property and the fees to be paid for the Certificate of Title to be produced. Usually, you would be required to discharge the existing mortgage to allow you get a new one in your name only.
Falzon Legal will prepare the necessary documents such as the Separation Agreement, Exemption of Stamp Duty Form and Property transfer document required by the Office of State Revenue NSW and Department of Lands.