Property Transfers
Property Transfers Between Partners
Partners may need to transfer real estate for tax, breakdown in their relationship or for asset protection reasons. If the property is your home then in Victoria there is no stamp duty payable. However new laws now see stamp duty payable for investment properties (excluding family law transfers).
At Goodman Group Lawyers we can assist you in transferring your property quickly to save you time and money.
Property Transfers Between Family
Transferring property between family members can be achieved with or without a contract. Depending on the circumstances of the transfer there may be taxation matters to consider as well as stamp duty. When transferring real estate between family members this will attract stamp duty (some exclusions apply between partners). Whether property is being gifted to a family member or transferred for full or a discounted price full market price will be used to assess the stamp duty by the State Revenue Office.
At Goodman Group Lawyers we can assist in transferring property between your family. We can assist you in finding the best way to save you time money and duty.
Deceased Estates – Surviving Proprietor / Estate Real Estate
Surviving Proprietor
Most married and de-facto couples hold real estate as joint proprietors. When one partner dies the surviving partner takes the property as their own. Joint proprietorship circumvents the deceased person’s Will. The surviving proprietor will then need to change the title to reflect the change from joint proprietors to sole proprietor.
There is no stamp duty payable in these circumstances. Goodman Group Lawyers can quickly change the title to save you time and money.
Estate Real Estate
When real estate is part of someone’s estate the executor needs to transfer the property into their name. This is known as a transmission application. It is a transfer of real estate into the executor’s name to allow the executor to sell or manage the property on behalf of the estate.
Goodman Group Lawyers with its extensive experience in conveyancing and estate law team can quickly and efficiently transfer real estate to the executor’s name. This provides security and proper estate administration to allow the executor to better manage the estate and perform their obligations under the Will.
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