Additional Information

Understanding the diverse reasons for altering property ownership is crucial. Whether redistributing capital gains, managing relationship breakdowns, or addressing a change in circumstances, our guide below offers insights into the ideal ownership structure and a seamless transfer process.

Key Ownership Structures:

1. Outright Ownership: Sole ownership, with your name on the deed.

2. Joint Tenants: Equal ownership with automatic transfer to the surviving joint tenant.

3. Tenants in Common: Shared ownership with defined portions and transferable shares.

4. Trust Ownership: Property managed by a trust, beneficial for family bequests.

5. Company Ownership: Property owned through a company, subject to business tax rates.

Why Change Property Ownership? Numerous factors, from relationship shifts and changes in financial circumstances to gifting to family members or inheritance, may prompt altering ownership details.

Costs Involved:

• Stamp Duty: Typically 3% to 5.5% of the land valuation, though exemptions may apply.

• Capital Gains Tax (CGT): Relevant for investment property sales, please talk to your accountant/financial planner and obtain tax advice.

• Fees: Mortgage adjustments may incur break fees, along with legal and valuation fees.

Steps for Ownership Change:

1. Check the Mortgage: Assess details if the property has an existing home loan.

2. Obtain Property Title: Secure a copy of the title search through us.

3. Complete Transfer Form: We will provide you the nencessary forms from land titles and submit.

4. Pay Relevant Fees: Fulfill payment obligations for processing the ownership change.

5. Wait for Processing: Allow for land titles to process the form and update ownership details.

6. Notify Your Bank: If a mortgage is present, inform the bank and adjust loan documents accordingly.

Important Note: Understand tax legislation and ensure a valid reason for property title transfer beyond tax benefits, adhering to anti-tax avoidance rules.