Transferring Real Property
Property Transfers can occur between parties under a number of different circumstances.
These may include:
• Spousal Transfers during a relationship
• Inter-Generational Transfers
• Transfers to Beneficiaries under a Will
• Matrimonial Separation
• Partial Transfers
Spousal Transfers
A spousal property transfer during a relationship, either as a married couple or defacto relationship, can be done without the cost of transfer duty. However, there are a number of conditions to the transfer duty exemption.
1. The property must be held in equal shares. That is each partner must hold 1/2 of the property at the end of the transaction.
2. The property must be held in Joint Tenants. This means that if one party passes away the property automatically goes to the other.
3. Proof of the relationship must be provided either as a Marriage Certificate or Statutory Declaration if in a defacto relationship.
Reach out to us and we can guide you through this process.
Inter Generational Transfers
Transferring property from generation to generation is possible. This type of transfer generally attracts transfer duty. However there are a number of concessions and even exemptions.
1. If the recipient(s) of the property transfer is a first home owner and the value of the property is less than $800,000.00 AUD then a full exemption may apply.
2. If the recipient(s) of the property transfer will use the property as their principal place of residence then a home owner concession may apply.
3. If the property is used for farming or agricultural purposes then regardless of home ownership status then an exemption may apply.
Reach out to us and we can assist you understand the rules that may apply to your circumstances.
Transfers to Beneficiaries under a Will
If you are the Executor of an Estate we can assist with property transfers to the beneficiaries or the sale of estate assets.
There are a number of taxation considerations with respect to inheriting property so we recommend that you speak with your accountant of financial advisor.
If you require Probate, Letters of Administration or assistance with administering an Estate it would be a privilege to assist you and your family.
Reach out to us and we can assist you understand the processes involved with Estate Management.
Matrimonial Separation
We can assist with property transfers as a result of Binding Financial Agreements or under Court Orders. Often your family lawyers do not operate in the property law space and you will need help in finalizing any property arrangements.
Heritage Legal Group is recognized as a neutral party when it comes to transferring the real property assets in these circumstances. We often hold funds for both parties until a final agreement is reached and do not charge additional fees for this service.
Due to our neutrality in these matters we can often act for both parties which means that you save money on legal costs.
Reach out to us and we can help you through the process of property settlement.
Partial Transfers
A partial property transfer is where a portion of real property is transferred from one party to another. An example of this might be gifting a share of a house to a sibling or child.
The rules are similar to Inter Generational property transfers however the transfer may not necessarily be to an immediate family member.
Reach out to us and we can advise on this type of transfer.
