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WEEKLY PROPERTY UPDATE – #007

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5 November 2014

Do I need to pay stamp duty if I transfer a property to a family member?

Do I need to pay stamp duty if I transfer a property to a family member? Ask Margaret

Is stamp duty payable on a transfer of real estate from father to sibling or vice versa?

ANSWER BY MARGARET LOMAS – PROPERTY OBSERVER

Where property is transferred between family members, it’s theoretically possible to transfer property using a ‘transfer’ form and without going to the expense of having a full contract for sale prepared, with appropriate disclosure documents such as title searches and council zoning certificates. You may prefer to use the usual contract for sale however, as this will protect all parties to a greater degree.

In some states there may be an exemption for transfer between family members, although this usually applies only to spousal transfers.  Depending on the nature of the real estate some exemptions may apply – property used for primary production (family farm) may be exempt and other real estate might have some exemptions depending upon the circumstances around the transfer.

Also be aware that, depending upon the nature of the property for your father (for example if it was his investment property), there may be capital gains tax to be paid.

Offices of state revenue in each state are very helpful, give them a call and discuss your personal circumstances.

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FAVOURITE PICS OF THE WEEK

photo 4

Credit: @designhunter

photo 5

Credit: @revitaformas

photo 3

Credit: @loversofarchitecture

photo 2

Credit: @architecturedesigndecor

a relaxing evening

HAPPY WEEKEND EVERYONE!!

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I am a mother of 2 living in the Eastern Suburbs of Sydney. My two passions are Interior Design and Real Estate. I have been fortunate to have had the opportunity to work in both industries. I started off working in Interior Design assisting Interior Designer Darren Palmer which was amazing and a great experience. What I loved most was working with such a creative sole as Darren and having the opportunity to source and work with gorgeous products. From there I continued with my other passion in Real Estate. I am now a licenced Real Estate Agent with Raine and Horne Double Bay/Bondi Beach working within the Goldman team (Mark and Barry Goldman). As the saying goes:- "It's a beautiful thing when a career and a passion come together" So very true for me and I feel very fortunate to be doing something that I love everyday around my kids and that's also rewarding.

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