Property laws and regulations in New South Wales apply to various dealings over real estate, but most frequently to the sale, purchase, transfer, and registration of interests in property. The transfer of an interest in property may be required for various reasons other than a typical sale/purchase transaction. Like a conveyancing transaction, however, when transferring interests in property it is important to do so with the help of an experienced professional.  

We can assist with a range of transfers and property-related matters such as: 

• • Inter-family transfers 
  • Changing ownership structures/tenancies 
  • Severing tenancies 
  • Transfers pursuant to deceased estates 
  • Transfers pursuant to family law court orders and financial agreements  
  • Change of name documentation 
  • Statutory declarations for stamp duty exemptions 
  • Refinancing – loan and mortgage documentation 

Deceased estates – transferring interests in real estate 

If someone dies leaving real estate, their share in the property needs to be dealt with. The relevant process and forms to use depend on the circumstances.  

If the property was held as joint tenants with another owner/s, then the surviving owner/s inherits the deceased person’s share. The relevant forms and documents to transfer ownership are lodged with the state titling authority to update the ownership details. If the property is mortgaged, then the lender will need to be involved in the process and several additional steps will be required. 

If the property was owned solely by the deceased person, or as tenants in common with another, the deceased’s share is transferred according to their Will or the laws of intestacy if there is no Will.  

Family law property settlements 

Ownership interests in real estate between former partners or spouses may need to be changed after a relationship breaks down and following a formal property settlement. In such cases, court orders or a financial agreement will set out what needs to happen to the interests in the property. 

Severing tenancy 

When you buy a property with someone else, you choose whether your interests should be held as “joint tenants” or “tenants in common”. With joint tenancy, if one owner dies, the deceased’s share must go to the other owner(s). Tenancy in common means the owners may deal with their share of the property separately and decide who inherits that share if they die.  

For various reasons, co-owners may wish to alter their interests in a property. For example, joint tenants may wish to sever their tenancy so they can each leave their interests by Will to somebody rather than the other joint tenant. The decision to sever a tenancy can arise for various reasons and it can be a complex process, particularly if the parties are not agreeable or “on the same page”. 

Getting help 

Property transfers can be intricate, particularly following a relationship breakdown or dispute between co-owners. The transfer of property typically also triggers stamp duty liabilities. However, exemptions may apply in specified circumstances provided the transaction is correctly documented and relevant supporting evidence provided. 

Property transfers can also have tax and other financial implications, so it is important to consult your accountant or financial professional to ensure these are addressed. We can prepare the necessary legal documents for a range of property transfers and can work with your tax or financial professional to coordinate the legal and financial aspects of your property transfer. 

At Classic Conveyancing our commitment is to provide quality personal services and to develop long-term relationships with our clients, their families, and business associates. 

If you need help, please call 02 9623 2777 or email [email protected].