There are many reasons you might need to transfer property between family members. From divorce to succession plans, to married or defacto relationship transfers, as well as recently separated couples. Transfer of property can include all or part of an ownership of the matrimonial home or family property.
At Strathalbyn Conveyancing, we often encounter clients who are under the impression that a transfer of family property should somehow be “less formal” or “less complicated” than the usual buying and selling a house. Maybe this is due to the misconception that because these transfers occur within a family setting that they don’t need to adhere to the same legalese as other property settlements.
Family property transfers need to be just as formal as any other type of property settlement and if you are considering transferring any property between family members following are some tips from our Conveyancers.
Matrimonial homes are transferred between couples for a myriad of reasons which can include tax or legal purposes.
Seeking advice from your accountant or lawyer to ensure all your obligations and reasons for transferring the property are met. You may need additional documentation in the form of a Court Order or Binding Financial Agreement in place to proceed with the proposed transfer to aid with Stamp Duty Exemptions (if applicable).
Divorce settlements may also include a division of assets and the final agreement will stipulate the details of the transfer(s) involved. Providing your Conveyancer with all supporting documentation early in the transaction can be useful to ensure all instructions are met satisfactorily.
Family Farm Transfers
Family Farm transfers can quite often be complicated, involve succession plans and have tax implications, working closely with your accountant and conveyancer can often alleviate issues that can crop up.
If there is a death in the family, property can be left to family members pursuant to a will. Once probate has been granted (if required), your Conveyancer can be engaged by the Executors of the Estate to ensure that the property transfers occur in accordance with the deceased parties wishes. Having the appropriate documentation at the ready to produce to your Conveyancer is important.
If there are any family transfers that you are contemplating, we would highly recommend getting in touch with Strathalbyn Conveyancing to discuss your options and obtain advice as some of these transfers can be quite involved.