Conveyancing when gifting a property and conveyancing when giving away a property in Brisbane and QuTue 18 Oct 2016
People often ask whether the conveyancing process is necessary when gifting a property to a family member or third party. There is also the question of stamp duty.
There are two elements here to be considered - the conveyancing and stamp duty.
The conveyancing of a property being given away or gifted is a straight forward and the "Transfer" is a regular conveyancing practice. A standard fee applies. The only other normal cost of the conveyancing is then the two title searches. A title search is done at the start of the process, and one on the day of settlement.
It is necessary to prepare and sign the standard titles forms. If there are mortgages with Banks, it will also be necessary to have a settlement withe the Banks.
Stamp Duty will be payable to the Queensland Government in all property transfers unless there is
(i) 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 questions about the eligibility for these concessions, we can provide advice by phone or email once we start dealing with your transfer.
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, backing it up 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, please write us an enquiry on this web site for a prompt answer and / or call back.
Every conveyancing settlement is different and the specifics of yours will be handled by one of our highly qualified staff so you get the best result.
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