WHAT IS A FAMILY TRANSFER?

  • Transfer of property that may be as a result of a relationship breakdown, usually where two parties to a relationship own a joint property and is it agreed between them that one party will transfer his or her share to the other party on the basis that the other party will refinance the mortgage over the property.

  • Transfer of property from one family member to another or a share in the property from one family member to another.

family_transfers.jpg

FAMILY PROPERTY TRANSFER IN 6 STEPS

  1. All property transactions in Queensland are subject to the Transfer Duty regulations and under certain circumstances stamp duty will be required to be paid. If the property is being transferred because of the breakdown of a relationship under certain circumstances the transfer is exempt from stamp duty if family court orders or a binding financial agreement between the parties referring to the transfer of the property exists.

  2. For the transfer of property or an interest in property from one family member to another it is necessary to obtain some independent valuation of the market value of the property. The Stamps Office provides that this independent market valuation may be either a recent valuation from a registered valuer or a letter of appraisal from a real estate agent which states what the agent considers to be the market value of the property and the addresses of three other properties that have sold recently in the same area.

  3. Horrocks Solicitors will prepare the necessary titles office transfer document to be signed by the owners of the property. After the transfer has been signed the solicitor will stamp the transfer.

  4. Settlement is booked with any bank that has a current mortgage over the property and similarly booked with any incoming bank that is financing the transfer of the property including a payout of the existing mortgage.

  5. The necessary cheques are arranged for settlement and Horrocks Solicitors will attend settlement for completion of the transfer.

  6. If there is no incoming bank with a new mortgage then Horrocks Solicitors will lodge the stamped transfer at the Titles Office to register the new owners over the title.