Related party transfers typically include transfers between spouses, refinancing and changing the ownership, property settlement, and receiving property as a gift from a family member or life partner.
With such a unique conveyancing use case, you need the right, attentive professionals to help you navigate the legal process and intricacies that come with it, and ensure that the right contracts are in place to avoid falling into expensive pitfalls in the near future.
No more making shots in the dark: With our help, you’ll be able to transfer the property at hand to its rightful owners in no time and ensure that you don’t accidentally give them any legal trouble.
Related party transfers aren’t as easy as 1, 2, 3. You don’t just get to transfer ownership directly, even if it’s your spouse, child, or closest family member. Listed below are just some of the various factors you need to consider when undergoing related party transfers:
1. Stamp Duty: Stamp duty is the tax collected for property purchases and legal documents. One is also liable for stamp duty for related party transfers even when the property is being gifted unless there’s an exemption or concession.
2. Tax: There will also be other tax implications for related party transfers, which may involve capital gains tax and GST.
3. Disclosure Requirements: If the property to be transferred has other shareholders or stakeholders, one must comply with the disclosure requirements. It is important to inform these parties of the transfer to avoid conflicts.
4. Valuation Requirements: A professional valuation is necessary to determine the property’s value. This way, there will be an established and fair price for the transfer.
5. Agreement and Negotiations: It is also crucial to come up with agreements and negotiations for the parties involved to come up with a mutually beneficial agreement for the transfer.
6. Costs: Of course, most, if not all, of these procedures will come at a cost. So, be prepared to pay fees for stamp duty, lawyer’s fees, registration fees, and bank fees, among others.
Seeking legal help is essential for every related party transfer if you want to make the process easier and hassle-free for you. At Melbourne Conveyancing Group, we can help you with the following:
1. We can provide the legal guidance you need to comply with the relevant laws and regulations.
2. We will prepare the documents for you and walk you through them to help you understand the agreement you’re binding yourself to. These documents may include but are not limited to, contracts, agreements, and deeds.
3. We can do thorough due diligence and title search for the property’s ownership. In doing so, we can also see potential liabilities that need addressing.
4. We can also assist or represent you during agreements and negotiations when necessary.
5. More importantly, we will manage the settlement process for a smooth-flowing transaction.