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:
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- 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 co****@***********om.au.
Property Transfer FAQs
What is a property transfer?
A property transfer is the legal process of changing ownership or updating interests in real estate. This can occur for various reasons, including family arrangements, relationship breakdowns, deceased estates, or changes in ownership structure. Like buying or selling property, a transfer must be properly documented and registered to ensure it is legally valid.
When might I need to transfer property?
Property transfers are common in situations such as:
- Transferring property between family members
- Adjusting ownership shares or changing tenancy structures
- Implementing a family law settlement or court order
- Administering a deceased estate
- Adding or removing a partner from the title
- Correcting name changes or refinancing
We can assist with all of these scenarios and ensure your transfer meets all legal requirements.
What is the difference between joint tenants and tenants in common?
- Joint tenants: Each owner holds an equal interest in the property, and if one dies, their share automatically passes to the surviving owner(s).
- Tenants in common: Each owner holds a distinct share, which can be unequal and left to someone else in their Will.
If you wish to change from joint tenants to tenants in common (known as severing tenancy), we can prepare and lodge the necessary documentation.
Do I need to pay stamp duty when transferring property?
In many cases, property transfers attract stamp duty (transfer duty). However, exemptions or concessions may apply, for example, when transferring property between spouses, following a court order, or under a deceased estate. We can help determine whether your transaction qualifies for an exemption and ensure all required evidence is properly submitted.
How are property transfers handled after someone passes away?
If the deceased owned property:
- As a joint tenant, ownership automatically transfers to the surviving owner(s) upon registration of the relevant forms.
- Solely or as a tenant in common, the property is transferred in accordance with their Will (or intestacy laws if there is no Will).
We assist executors and beneficiaries with preparing and lodging the necessary documents and liaising with financial institutions and the NSW Land Registry.
How are property transfers managed after a relationship breakdown?
Following a separation or divorce, property interests are usually divided under Family Court orders or a binding financial agreement. We prepare and process the required transfer documents in accordance with those orders, ensuring the transfer complies with both legal and stamp duty requirements.
Can you help with property transfers involving refinancing or name changes?
Yes. We can prepare and lodge documents to update ownership details following name changes, refinancing, or loan restructures, and work directly with your lender to ensure a smooth process.
Are there tax or financial implications when transferring property?
Yes, property transfers can have capital gains tax, land tax, or other financial implications. We recommend speaking with your accountant or financial adviser before proceeding. We are happy to work alongside them to coordinate both the legal and financial aspects of your transaction.
How long does a property transfer take?
Timeframes vary depending on the type and complexity of the transfer, as well as whether external parties (such as lenders or executors) are involved. Generally, straightforward transfers can be completed within 2–6 weeks once all documents and approvals are in place.
How can Classic Conveyancing assist with my property transfer?
We handle all aspects of your property transfer, from preparing and lodging documents to liaising with banks, the Land Registry, and relevant authorities. Our goal is to simplify the process, minimise delays, and ensure your transaction is handled correctly and efficiently.