Property Transfers

We’re here to make your transfer of property a stress free transaction. No matter your situation, we can help you with a comprehensive transfer service.

Following on here is further information about transfers for your interest, or you can simply call us and we'll make it as simple and stress free as possible for you. Transfers can be:

  • Transfer of Property To Your Spouse (Wife/Husband);
  • Transfer Ownership Of House To Family / Your Children;
  • Deceased Estate (Deceased Persons) Transfer;
  • Transfer Due To Separation / Divorce;
  • Court Order / Prenuptial Transfers.
Types of Property Transfer
  1. A Family Transfer
    • E.g You need to transfer property from “Parent to Child”, “Husband & Wife” to “Wife Only”, “Sister and Brother” to “Brother Only”, “Business Partners”, “Friend to Friend”;
    • You have no financial agreement or desire to exchange money between parties;
    • All parties must be alive, with no court documents.
  2. A Court Order / Binding Financial Agreement / Prenuptial Transfer
    • E.g You are going through a divorce or going to court;
    • You have stamped and signed court or binding financial agreement documents;
    • You are amicable, and on speaking terms with the other party.
  3. Survivorship (Deceased Estate) Transfer
    • E.g Death of a partner with remaining party wanting to assume sole ownership;
    • E.g Death of a partner with remaining party wanting to add children;
    • Transmission, Probate and Death Certificate have been completed.
  4. A Standard Transfer
    • A sale or gift of property between parties not related, can be business or company.
  5. Water Transfer
    • Water transfers is for right of water on farming land and is treated seperately from the land.
Transferors and Transferees

These are two commonly used terms in the transfer process and you will need to understand them. Basically, they mean:

TransferrorThis is the entity or person currently holding the title and transfers (gives/hands over) the property to another. The source.
TransfereeThis is the entity or person that receives or takes possession of the title to the property. The recipient (target).
How to transfer a property title between family members

Most people understand the process of selling a house, but transferring a property title between family members is a different thing altogether. Stamp duty is not applicable between spouses but is applicable between parents and children or between siblings.

There are many reasons for doing it, and it involves a number of legal requirements and tax obligations. But the rules vary from state to state, so legal advice is key.

Can you transfer property title between family members?

It’s possible to transfer property titles between family members, but it requires careful consideration. Owners transfer properties for many reasons, but the main drivers are:

  • tax considerations
  • helping a family member, such as a child, to get a foothold in the property market
  • to ensure a family member receives their future inheritance early
  • asset protection – for example, transferring ownership of the family home away from a spouse who is on the brink of bankruptcy or likely to get sued.

Transfers are usually done via gifting, through a conveyancer, but it’s also possible to sell a property to a family member. If a property is jointly owned, a change can be made to the ownership split. Such transfers or mortgage changes incur fees.

Different tax considerations apply depending on the state or territory in which the property is located, on whether the property is residential or commercial property, and on how many properties the involved parties own.

Each case is different, so those thinking about transferring a property need to get legal advice. Some people will end up paying more tax, such as capital gains, some less. It all depends on the specific circumstances of the people at both ends of the transaction.

What to consider before transferring property title to a family member

There is a lot to consider when contemplating transferring property titles between family members. Before transferring, people need to consider the following:

  • Tax benefits
  • Tax liabilities.
  • Capital gains tax.
  • Asset protection.
  • Estate planning.
  • Retirement plans.

Note that those transferring property should also be aware of the anti-avoidance rules in their state or territory.

"Where someone is being sued and they transfer the family home into the spouse’s name, there are what’s called claw back provisions, or anti-avoidance measures, where people can say you’re disposing of your assets so you don’t have to pay out on a lawsuit and challenge it. That’s something to be aware of,”

How to transfer property title between family members

There are three main ways to transfer property title between family members.

  • Gifting.
  • Selling.
  • Changing ownership share.

1. Gifting

Gifting is where a property is transferred without paying any money – the same as giving a birthday present to a friend.

Unless an exemption applies, the recipient may still need to pay land tax when they take ownership of the property, and the person gifting or transferring the property may have to pay capital gains tax – depending on whether it was an investment property or their primary residence.

Some exemptions apply depending on the state or territory in which the transfer occurs. For example, owners can sometimes transfer their interest in a property to their spouse without needing to pay stamp duty, but there are strict requirements around this.

2. Selling

It’s possible to simply sell a property to transfer its ownership, which is documented with a contract of sale of land.

As with any sale of land, the purchaser normally has to pay stamp duty, and depending on the type of property, the person selling may have to pay capital gains tax.

Sometimes, a property can be held in a family trust or through a superannuation trust, but strict rules apply.

3. Changing ownership share

If family members jointly own property, the ownership split can be changed on the title.

A conveyancer will prepare all the relevant documents and lodge these with the land titles office.

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Central Victorian Conveyancer

At Central Victoria Conveyancing, as Victorian farmers and former city dwellers, we understand all your Victorian country, suburban and city property concerns. We are with you all the way through your transaction, we are always available to discus any concerns or questions you may have in a friendly and easy to understand way with no unnecessary legal jargon.

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📱 0419-581-844 (Clare de Kok)
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