Transferring Property within Family Members
Property transfers between family members can be quite a complex process. Some clients may be under the impression that these transfers occur within a family setting and that there is no need to engage a specialist advisor such as a conveyancer or solicitor to formally address this in a legal setting. Below is some background to Property family transfers.
A Family transfer can be identified as follows:
- Husband to wife, or
- Parents to children, or
- Sibling to sibling, or
- Grandparents to grandchildren, etc
There are various reasons for property transfer with family members which include but are not limited to:
- Death in the Family: Parents or grandparents passed away;
- Divorce: Divorce may involve division of assets;
Familymember may leave a piece of land to the offspring;
- Gift: Husband may wish to transfer property to his wife’s name as a gift.
Family property transfers are as formal as
- Conducting Certificate of Title searches
- Searches of government departments and local authorities
- Advice on whether a contract, Form 1 or deed or other agreement is necessary.
- Obtaining expert advice on the stamp duty, Capital Gains Tax and Goods and Services Tax impacts on the related party transfer of land.
- Legal advice and representation in relation to any issues arising from the contract, for example, where the other party by act or omission breaches the agreement;
- Preparation and certification of legal documents
- Stamping of required documents
- Calculation of adjustments of rates and taxes if necessary
- Preparation of settlement statements if necessary
- Liaison with mortgagors and financiers if necessary;
- Attendance at settlement if money is required to change hands to effect the transfer.
- Advising all authorities as to the change of ownership.
If you are planning to transfer your property, Straits Lawyers will assist you to complete the transfer efficiently and smoothly making sure the settlement process is