How to transfer property
The transfer of property is not a simple process. There are important tax and legal implications to be considered.
If you are looking to transfer a property, you need to ensure the process is handled properly. The state government recommends seeking legal advice from a property solicitor. You can rely on Burbank & Brown Lawyers and Conveyancers to ensure you are guided through the process.
The following are just some of the measures and conveyancing services we offer to ensure a proper transfer of property:
- Providing advice around the effect of the transfer
- Advising on stamp duty implications and fees
- Helping you apply for stamp duty exemption (if applicable)
- Arranging an independent property valuation for stamp duty purposes
- Preparing all agreements and transfer documents
- Prepare all documents to be lodged with the Office of State Revenue
- Arranging the discharge of your mortgage
- Advising on banking arrangements
- Liaising with your bank
- Organising the settlement
Why transfer a property
You may seek professional advice to transfer a property due to a variety of circumstances, including the following:
Transfer of property and stamp duty
This tax is payable to the state government in the case of a transfer of property. The amount is determined by the independent valuation of the property. It applies to residential properties and investment properties.
Some transfers of properties may be exempt from payment of stamp duty (also called “transfer duty”), including the following circumstances:
Transfer of property and Capital Gains Tax (CGT)
If you are transferring a title, you may have to pay capital gains tax, which is calculated on the assessed market value of the property. However, under certain circumstances, you may be eligible for CGT rollover (where you may defer or disregard a capital gain or loss from a capital gains tax event until another CGT event happens).
Our friendly team here at Burbank & Brown Lawyers and Conveyancers will help you find out if you’re eligible for a CGT rollover.
Broadly, the following are some events that may mean you’re eligible for the CGT rollover:
- you are transferring the property to your partner due to a separation
- small business restructure or asset replacement
- relationship breakdown
- loss, destruction or compulsory acquisition
- scrip for scrip
- other replacement-asset rollovers
- other same-asset rollovers
Learn more about transferring property with our guide.
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