Family Transfers
- Transferring property to a younger family member, can be a exciting time, to help them, financially, with their living. It could be a mother or father transferring to a son or daughter, a family home for many years, as mum or dad bought another property to move into, for their retirement or semi-retirement.
- In a commercial transaction, usually, it needs to be at least $1 in the transaction, able to prepared, execute and settle such a family transfer. However, Stamp Duty is still payable at market value of the property and the State?s Revenue office (Revenue NSW or Revenue Victoria) make a property valuation compulsory when it is related parties transfer (family transfer).
- ABS Conveyancing with ABS Realty Valuations can assist you with the family transfer and the property valuation for the stamp duty. Although you transferred the family home to a son or daughter at low sum or money or $1 transaction, stamp duty is payable on the market value of the transfer, with the percentage transfer (100% or other percentage, if parent remaining a part owner), where a property valuation is compulsory.
