TRANSFER OF TITLES
A property title is an official record of who owns land, and can include details about any mortgages, covenants or caveats. There are many reasons people may want to transfer the title of the property ranging from a change in circumstance to gifting to a family member or inheritance. Below is a list of the most common reasons:
- Divorce – post relationship breaks down, there could be changes to the details of ownership;
- Changed ownership structure – you may have originally chosen an ownership structure that no longer is relevant for you and anyone you may own the property with;
- Family reasons – due to illness or inability to look after the property, the owner/s has decided to pass the property onto a family member; and
- Change in circumstance – in case of a joint, there has been a change in financial circumstance that allows one owner to buy the other out.
Some of the costs that occur during transfer of titles are:
- Stamp duty;
- Capital gains tax; and
- Legal or valuation fees.
We routinely do transfer of titles, please contact us for an efficient experience.