Our family law and property lawyers are often involved with preparing related party transfers or parties dealing other than at ‘arms length’. If you are considering transferring property to a family member (or any third party) whether by way of absolute gift, partial gift, full consideration or as part of a family law order, there are a few steps which must be followed to ensure the stamping requirements (with the Office of State Revenue) are addressed.
Duty is payable on the higher of the unencumbered value of the property or the consideration actually paid. If there is a gift or partial gift, duty is nevertheless payable on the market value of the property. We can assist with ensuring the Commissioner’s requirements are met and the applicable duty paid which will involve the necessity to provide evidence of valuation of the property.
We can assist with providing legal advice on any finance documents and arrange settlement with the transferee’s lender.
