Purchasing House from Relatives

[jrisles]

Hi There.

We are likely to be purchasing the house from our relatives (my in-laws) who want to downsize and we need to upsize. The property itself is based in Qld (SEQ). Is there a way to "transfer" the property whilst still purchasing it from them without having to pay "Stamp Duty" (at the present sale price we would be looking at the vicinity of $30K Stamp Duty). I understand there is a "Transfer Property" process in Qld but not too sure if this relates to us given the fact that they (my in-laws) wont be giving us the house. We will in fact be purchasing it from them.

cheers
Jeff

 

[marg4000]

As far as I am aware, you will have to pay stamp duty in Qld on the transfer as there are no concessions for inter-family transfers.
Marg

 

[Player]

Regardless of whether or not the transfer is a gift or a purchase, stamp duty will need to be paid. If it were a gift then it would need to be paid and levied at fair market value for the property.

As you will be purchasing it, work it out on the sale price as long as it reflects the value of the property, say within 5-10 %. If, for example it were to be heavily discounted in your favour, then I would think (to cover yourselves from SRO dramas), you would use a fair valuation.

I don't think there is any way to get of it however.