Transfer of Title

[TEG]

Hi,

Does anyone know the process and costs involved in transferring the title of a property to a family member? I´m assuming itś Stamp Duty costs + Capital Gains Tax? any other costs? Would a solicitor handle this ? How much would be a rough fee for the solicitor?

Thanks.

 

[Terryw]

Hi,

Does anyone know the process and costs involved in transferring the title of a property to a family member? I´m assuming itś Stamp Duty costs + Capital Gains Tax? any other costs? Would a solicitor handle this ? How much would be a rough fee for the solicitor?

Thanks.

It would be the same as a sale basically. Purchaser would be up for stamp duty on market value. Seller may be up for CGT unless the CGT exemption applies.

If there are loans involved then these will need to be redone in the new owners names and this involves new applications and possibly application fees and LMI. Seller may have to pay loan exit and mortgage discharge fees.

Legal fees maybe $1000 to $1500.