How do you transfer a property?

Viewing 6 posts - 1 through 6 (of 6 total)

carpe_diem
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@carpe_diem
Join Date: 2006
Post Count: 76
July 13, 2006 - 12:16 am
I have a property in NSW that I want to transfer to a family member. She will pay me out at the market rate in cash. I believe we can do a transfer but despite all my searching on the web I can’t find out how to do it. I believe this is a much more economical way of doing it as it cuts out the legal costs ie us having each to go to a separate lawyer for conveyincing if its treated as a sale. I’m prepared to go to ONE lawyer for a transfer if they do that sort of thing. Any help on this will be appreciated. Thanks
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carpe_diem
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@carpe_diem
Join Date: 2006
Post Count: 76
July 13, 2006 - 1:55 am
Sorry for lodging this question….I just noticed “Rexilla” has raised this question for a Brisbane property just a few down from mine!
Carpe
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
July 13, 2006 - 2:32 am
Not sure for NSW but i can’t be that much different to Qld.
All you need in Qld is a letterhead valuation from a local Real Estate Agent and a completed Form 1 Transfer.
If it is done under the Love and Affection clause in the Qld Stamps Act there is no duty payable.
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gmh454
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@gmh454
Join Date: 2003
Post Count: 537
July 13, 2006 - 2:40 am
You can download a tsfer form form the OSR (NSW) and after you get it stamped you take that to the title deeds office (along with original deed) and they change the title.
Nothing magic, but as solictors do this all the time, a lot of the info you would expect available is not there, so you may get a fair bit of trial and error, and different public servants ask for diff things.
Done it three times so far.
make you you get the actual names used on the original title deed correct otherwise you will be going back for amendments.
If not sure ring them, it can be painful, but worthwhile, and next time will be easy.
I have assumed this is not divorce or will, and you are paying full duty, (not sure if a transfer to relative has any exemptions)
Oh yeah you will need a formal valuation as well.
Rgds Terry
carpe_diem
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@carpe_diem
Join Date: 2006
Post Count: 76
July 13, 2006 - 4:10 am
Thanks Guys. Terry, if I do it as a private sale then normally no valuation is required. It is being sold at the market price. It might be just as easy to do a sale ie pay one solicitor for conveyincing or do you still think its easier and cheaper (including the run around forced on by the beauracrats) to do a transfer? I know the stamp duty and CGT has to be paid so I just want the best solution to get it into the other persons name.
Thanks
Carpe
gmh454
Member
@gmh454
Join Date: 2003
Post Count: 537
July 13, 2006 - 6:24 am
Not sure if the buyer and seller have the same name whether they will ask for a valuation, a phone call will check.
Guess it took around a day all up but because we used the Parra S/duty office. If using city prob still a day including phone calls, travel cues etc etc.