:// process of transferring a property
A transfer of the whole or a part of a property between relatives and friends can be a complicated and expensive process if not handled properly. For instance, did you know that in certain circumstances, the transfer of a property between a husband and wife can be exempt from payment of stamp duty?
At clickconveyancing our conveyancing solicitors and paralegals have many years of dedicated experience in transfer of land transactions. We encourage a climate of continual learning and development to keep abreast of changes in the law of property, finance and stamp duty.
The process of transferring a property between friends and relatives is as follows:
You should:
| • |
Obtain a home loan approval |
| • |
Where you are discharging or refinancing an existing loan, inform the outgoing lender of the impending transfer and satisfy yourself as to any loan break costs payable to your lender |
| • |
Agree on a price for the title transfer (whether it be monetary or just love and affection!) |
| • |
Provide clickconveyancing with instructions about your transfer the property |
| • |
Click or call us if you have any questions! |
We will:
| • |
Advise you whether your transfer is liable to payment of stamp duty |
| • |
If the transfer is liable to stamp duty, help you arrange a stamp duty valuation from a registered valuer (a stamp duty valuation is required by law) |
| • |
If the transfer is exempt from stamp duty, prepare the stamp duty exemption forms to be signed by you |
| • |
Draft the property title transfer documents and send them to you to be signed |
| • |
Review your lending arrangements and liase with the lender to ensure that they will be ready for settlement |
You should:
| • |
Sign the loan documents and transfer |
| • |
Send the transfer to us together with any settlement monies necessary to settle the transfer together with a bank cheque for payment of stamp duty (where applicable) |
| • |
Click or call us if you have any questions! |
We will:
| • |
Attend settlement and ensure that all Title Documents are in order |
| • |
Attend to lodgment of Transfer for stamping together with stamp duty exemption forms or cheque for payment of stamp duty |
| • |
Pay the settlement monies to the transferor (if applicable) |
| • |
For purchasers without a mortgage, lodge the Transfer and Notice of Sale with the Department of Lands and then send you your Title Deed when it has been registered |
| • |
Send you a final reporting letter |
| • |
Retain your file for 7 years, making it easier for you to provide us with instructions if you decide to sell your property |
|
