Transfer Of Property | MDV Family Lawyers Shellharbour & Nowra
Transfer Of Property In Shellharbour & Nowra
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 MDV Family Lawyers 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
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:
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
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:
If you are transferring from a deceased estate
If you are entering a marital or de facto relationship
If the transfer is the result of a relationship breakdown
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 MDV Family Lawyers 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
loss, destruction or compulsory acquisition
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 02 4421 7455, email and book online below.