WHAT ARE THE CONVEYANCING STEPS FOR GIFTING A PROPERTY IN QUEENSLAND?
People often ask whether the conveyancing process is necessary when gifting a property to a family member or third party. In addition there is also the question of stamp duty…
The conveyancing of a property to be given away or gifted is straight forward and this thus named "Transfer" is a regular conveyancing practice. A standard fee applies. The only other normal cost of the conveyancing will then be the two title searches. A title search is conducted at the start of the process, and also one on the day of settlement.
It is necessary for the Solicitor to prepare and sign the standard titles forms. If there are mortgages held by the Bank, it will also be required to organise settlement with the corresponding Bank.
Stamp Duty is payable to the Queensland Government in all property transfers unless there is
(i) a concession for first principal place of residence or
(ii) a transfer by one partner of a relationship to give the other person partner a 1/2 share or
(iii) in a relationship breakdown where there is a Binding Financial Agreement or Orders from the Family Court.
If you have any questions about your eligibility for these concessions, we can provide legal advice by phone or email by calling 07 3013 2300 or via our contact form.
Where stamp duty is payable it is calculated on the market value of the property.
The market value is determined by either
1. A valuation from a registered valuer or
2. Obtaining a Letter of Appraisal from a Real Estate Agent. The Letter states the market value, confirming it with the address of 3 recent comparable sales in the area.
For more information about gifting and transferring a property in the state of Queensland contact Horrocks Solicitors. Every conveyancing settlement is different and the specifics of your contract will be handled by one of our highly qualified staff ensuring you get settlement success.
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