When it comes to owning property there are many things you need to think about whether you are buying or selling. However, if you are thinking about changing ownership of the land title, do you know all the rules about transferring property?
As you may already realise, buying and selling property is a costly experience which means it is important to ensure the title of the property belongs to the right person from the start. However, this might not always be possible and you might want to transfer ownership of the property at a later date.
Transferring property can occur for a number of reasons. These reasons include:
As property is considered a long-term investment, it is likely that many people will change property ownership of their property at some point in their life. If you are in a relationship, then your partner does not need to go on the title.
Firstly, there are many different types of property ownership you need to be aware of if looking to buy a property. The five main types of property ownership include:
Changing property ownership doesn’t come cheap though. Transferring property ownership is an expensive process and there are various factors you need to be aware of.
If you are using a lawyer or conveyancer then you also need to factor in legal fees. It is a good idea to use a lawyer or conveyancer as they can check that all legal documents are completed correctly and helps you avoid costly mistakes, especially if you are transferring the property to a trust or company which can involve a lengthy and complicated process.
Valuation fees should also be considered as many revenue offices will require a sworn valuation of the current market value of the property. Many valuations will need to be less than six months old to be approved.
Even though transferring property ownership can be costly, you should remember that if you are looking to hold on to the property for the long-term, then changing ownership could work in your favour, especially if you want to take advantage of tax benefits.
For more information about transferring property ownership, refer to your local Office of State Revenue. You can also call us on 1300 123 463 to speak directly with one of our Property Consultants. If you prefer, you can also send your enquiry online using our form.
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