Transfer Property Between Family Members
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Transferring between Family members does not require a Contract; only a Transfer document signed by each party. The Office of State Revenue requires the transferee (the person ‘purchasing’ the property) to obtain a valuation from a registered property Valuer for stamp duty purposes. 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 between Spouses can also be done by Transfer. Following a marriage, a spouse may be added to the title of a property (which is the matrimonial home) for ‘love and affection’ – 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. 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.
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Justin Milligan M: 0439 390 097