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Transferring A Property in Newcastle?


Family

Transferring property to a family member does not require a Contract; only a Transfer document.

The Office of State Revenue requires the transferee (the person ‘purchasing’ the property) to obtain a valuation from a registered property valuer for stamp duty purposes.
The transferee is required to pay stamp duty on the higher amount of the current market value or the purchase price.


Marriage


Following a marriage, a spouse may be added to the title of a property (which is the matrimonial home) free of stamp duty.

Breakdown of Relationship

After a marriage breaks down, a spouse may be required to be removed from the title of a property. Stamp Duty is not payable in this case.

However…

Stamp duty is payable if the removal of a proprietor on the title is not due to marriage breakdown.

A valuation for stamp duty purposes must be obtained from a registered property valuer to calculate the stamp duty which will be payable, dependent upon the share of the property being transferred.

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I cannot recommend Lorraine and her staff highly enough, I have used them twice now and the process was made so easy, always on hand to answer any questions, emails answered quickly.
Thank you again for your expertise.
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 Lorraine and her team have worked with me on several sales and purchases. They always kept me informed through the entire process and made it a stress free exercise, I would like to thank them for all their hard work
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