Property Transfers

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

You may seek professional advice to transfer a property due to a variety of circumstances, including the following:

• You’re getting married
• You’re entering into a de facto relationship
• You’re getting a divorce or separating
• Your partner has passed away, and you need to have the property transferred into your name
• You wish to gift the property to someone, such as your children or a family member

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:

• If you are transferring from a deceased estate
• If you are entering a marital or de facto relationship
• If you are getting divorced
• If the transfer is the result of a relationship breakdown

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
• demergers
• other replacement-asset rollovers
• other same-asset rollovers

Learn more about transferring property with our guide.

If you have any questions or would like to book an appointment with one of our property lawyers, call or email our office, or book online below.