Conveyancing Sydney: Can I Transfer Property Titles?

Tips on how transfer property titles

Did you know you can transfer property between family members without having to go through the hassle of selling like you would with non-relatives this is where a Sydney conveyancer can help you.

While the process does not include a contract of sale, it is still governed by sometimes complex laws and regulations and comes with some risks. If you’re considering a change in property titles, here’s what you need to be aware of.

How to transfer property by gifting

Gifting a property is one of the most straightforward ways to transfer a property title, but you can’t avoid the paperwork and transfer fees.

You may not be receiving any income from the property, but the government still recognises it as a legal process. It’s for this reason that you need the transaction to be supported and registered by government documents that make the transfer legally binding.

You will first need to use a professional valuer to establish your property’s market value. Your Sydney property conveyancing service will be able to help in this regard.

Once you have the valuer’s figure, the government will calculate the stamp duty that is payable on the property. Your Sydney conveyancer will likely recommend the donor (you) and the recipient sign a Deed of Gift, which will:

  • formalise the gifting in writing
  • Help to avoid conflict in the future
  • Notify the land registry about the nature of the land transfer.

Your conveyancer can now initiate the transfer process with the land registrar’s office. The registrar will use the valuation and the Deed of Gift documents to calculate stamp duty and other charges.

Once you’ve completed the above, you will still need to complete two more documents: Form 10-0520 and Transfer Form 01T. These forms document the changes in land ownership, the lessee of the Crown, and the Crown land lease. Residents of NSW must complete Form ODA 076, which is also referred to as the transferee declaration form and helps determine if the transfer is tax-exempt.

Property transfer fees and taxes

There may be capital tax considerations depending on the nature of the transfer, so it’s also important to speak to your accountant before you start the process.

Stamp duty will be imposed on land transfers. Stamp duty can be paid by the recipient of the property or the transferee.

Other charges you may encounter include documentation costs and administration fees. If you are the recipient of a property, you may also need to pay capital gains tax, but this can be avoided if:

  • The recipient has been living in the family home and has declared it as their primary residence and address
  • The donor acquired the property before 20th September 1985, the year that capital gains tax was introduced.

Need help in finding a licensed conveyancer in Sydney or anywhere in NSW?

You can make the whole process go a lot smoother by working with an established Sydney conveyancing service. Platinum Conveyancing Services will always put your interests first and won’t add any hidden surprises. We also offer FREE contract reviews in order to alert you of potential property issues before you commit. We welcome you to contact us today.

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