how-to guide:

transferring property in tasmania

A Property Transfer can occur without selling or purchasing and in various contexts, such as transfers between family members, adding or removing someone’s name from the title, family law matters and transferring property into a trust. Here's a more detailed look at this process in Tasmania.

Steps for Transferring Property Without Selling in Tasmania

STEP 1: Determine the Reason for Transfer

Understanding the reason for the transfer (i.e. gifting, estate planning, change in relationship status) helps identify the right process.

STEP 2: Obtain a Property Valuation

STEP 3: Engage a Conveyancer

STEP 4: Prepare the Transfer Documents

STEP 5: Assess for Stamp Duty

STEP 6: Lodge the Transfer

STEP 7: Obtain Consent

STEP 8: Notify Relevant Authorities

STEP 8: Notify Relevant Authorities

Even if the property isn't being sold, getting a professional valuation is important for stamp duty purposes. Stamp duty, for instance, is calculated based on the property’s market value, or in the event there is no valuation, on the Adjusted Government Value (called the AGV).

Professional advice is crucial in navigating legal requirements and paperwork. A Conveyancer will ensure all legal obligations are met and the transfer process is handled correctly.

The key document is the Transfer of Land, which must be completed and signed by the current property owner. This document is submitted to the Land Titles Office for registration.

Consult your Conveyancer or the State Revenue Office about potential stamp duty obligations. Even in non-sale transfers, stamp duty might be applicable based on the reason for the transfer.

After completing the transfer documents, paying any stamp duty, your Conveyancer will lodge the Transfer of Land with the Land Titles Office in Tasmania, including paying the registration fee.

Depending on the nature of the transfer, you may need consent from the Bank if the property has a mortgage.

After the transfer is registered and the property title is updated, your Conveyancer will notify relevant parties, such as the Council, State Revenue Office and TasWater of the change in ownership.

You will also need to update your home and contents insurance policies to reflect the change in ownership.

CONSIDERATIONS

Capital Gains Tax (CGT)

If the property isn’t your primary residence, CGT might apply. Please seek financial advice from your Accountant.

ESTATE PLANNING

Transferring property as part of estate planning should be discussed with your Estate Planning Lawyer to ensure all implications are considered.

Family and Relationship Implications

Transfers between family members or due to changes in a relationship (like a divorce or marriage) can have additional legal and financial implications.

DEBT AND MORTGAGE ISSUES

If there is an outstanding mortgage, you'll need to consider how this is managed. The Bank’s permission is required for the transfer, and in some cases, the mortgage may need to be discharged or refinanced.

TIPS

Seek Professional Advice

Tax, legal, and financial advice are essential in property transfers. Different situations can have various implications.

Be Clear About Implications

Understand the implications of the transfer for both parties involved.

Prepare for Costs

Be aware of potential costs such as stamp duty, conveyancing fees, and any Capital Gains Tax.

Property transfers without a sale can be complex due to the implications. Always consult professionals to ensure a smooth and compliant process.

Contact EB Conveyancing for your property transfer needs.