Transferring property from your name to a relative or friend can be a complicated and expensive process if it is not handled properly. For example, in some circumstances the transfer of property between a husband and a wife may not require stamp duty to be paid.
The expert property team at Conveyancing Legal have many years of dedicated experience in property matters and will be able to guide you through the process.
The Transferring Process
To transfer your property you should:
- • Obtain a home loan approval.
- • If you are discharging or refinancing an existing loan, inform the outgoing lender of the impending transfer and satisfy yourself as to any loan break costs payable to your lender
- • Agree on a price for the title transfer.
- • Provide Conveyancing Legal with instructions about your transfer the property.
- • Advise you whether your transfer is liable to payment of stamp duty.
- • If the transfer is liable to stamp duty, help you arrange a stamp duty valuation from a Registered Valuer (a stamp duty valuation is required by the Office of State Revenue).
- • If the transfer is exempt from stamp duty, prepare the stamp duty exemption forms to be signed by you.
- • Draft the property title transfer documents and send them to you to be signed.
- • Review your lending arrangements and liaise with the lender to ensure that they will be ready for settlement.
- • Sign the loan documents and transfer.
- • Send the transfer to us together with any settlement monies necessary to settle the transfer together with a bank cheque for payment of stamp duty (where applicable).
- • Attend settlement and ensure that all Title Documents are in order.
- • Attend to lodgement of Transfer for stamping together with stamp duty exemption forms or cheque for payment of stamp duty.
- • Pay the settlement monies to the transferor (if applicable).
- • For purchasers without a mortgage, lodge the Transfer and Notice of Sale with the Department of Lands and then send you your Title Deed when it has been registered*
- • Send you a final reporting letter.
- • Retain your file for 7 years, making it easier for you to provide us with instructions if you decide to sell your property.
Please note that the information on this page is for general use only and does not constitute legal advice.