How a Conveyancer Transfers Property Title Between Family Members

Transferring property between family members might seem straightforward, but it involves several legal steps that need to be handled with care. Whether you're transferring a house to your children, gifting a property to a sibling, or any other kind of family property transaction, a conveyancer plays a crucial role in ensuring the process is smooth and legally compliant. This blog post will explain what a conveyancer does to help transfer property title between family members.

The first step in the process is for the conveyancer to understand your specific situation. Are you gifting the property, selling it at a reduced price, or transferring ownership due to inheritance? 

The reason behind the transfer will determine the necessary steps and legal requirements.

Gifting If you’re giving the property as a gift, certain taxes and duties may apply, depending on the property’s value.

Selling: If you’re selling the property to a family member, even at a reduced price, it’s still considered a sale, and the same legal processes apply as in any property sale.

Inheritance: If the property is being transferred as part of an inheritance, the conveyancer will need to review the will and ensure all legal obligations are met.

Once the conveyancer understands your needs, they will prepare and review all necessary legal documents. This includes, if required.

Contract of Sale:  If the property is being sold, a contract of sale will need to be drawn up, outlining the terms and conditions of the sale.

Transfer of Land Document: This is the formal document that records the transfer of property ownership from one person to another. The conveyancer will complete this document, ensuring all details are correct.

After the documents are prepared and signed, the conveyancer will lodge them with the relevant Land Registry in New South Wales. This is a crucial step because it officially records the change of ownership.

Verification of Identity (VOI):  The conveyancer will also need to verify the identity of all parties involved in the transaction to prevent fraud.

Stamp Duty: Depending on the type of transfer, stamp duty may be payable. The conveyancer will calculate the stamp duty owed, if any, and arrange for its payment.  If stamp duty is payable, it is payable on the actual value of the property and not on the 

Once all documents are lodged and payments are made, the conveyancer will finalize the transfer. This includes:

Updating the Title:  The conveyancer will ensure that the Land Registry updates the title to reflect the new owner.

Providing Confirmation:  Finally, the conveyancer will provide all parties with confirmation that the transfer is complete and the property title has been successfully transferred.

Transferring property between family members involves more than just signing a few documents; it requires careful legal handling to ensure everything is done correctly and legally. A conveyancer is essential in guiding you through this process, handling all the legal paperwork, and ensuring a smooth transfer of ownership. 

If you're considering transferring property within your family, contact SL Conveyancing today. Our expert team will ensure that your property transaction is handled with the utmost care and professionalism.