Related Party Transfers
Related Parties Transfers
If you want to transfer a property you own or a part share thereof to a spouse, family member or friend, we can assist you with this. If a contract is required, Formbys Lawyers can assist you with this also.
A related party means just that – that the parties to the transfer are related by either by, blood, marriage, in a business or personal relationship and that the dealing is not at ‘arms length’ .
It is important that full particulars and all relevant information/documentation is provided to your settlement agent, Prompt Settlements and that you feel comfortable discussing your private affairs with them to enable a thorough and smooth transaction process.
A contract for sale may not be necessary in some cases. If a Family Court Order is involved stating that one party is to receive full ownership of the property a Transfer of Land document is all that is required. The same applies if the property is to be gifted to a family member.
Related Party Transfers can take approximately five to six weeks to complete as the Transfer document must be submitted to State Revenue for stamp duty assessment. From there it will be forwarded to the Valuer General’s Department who determines the true and correct value of the property (rather than the agree price between the related parties) and stamp duty is calculated accordingly. Depending on the nature of the transfer and its urgency you may be able to shorten the time by first obtaining a valuation from a licensed valuer and Prompt can then submit the valuation with the request for assessment of duty.