The Transfer Of Real Property
A transfer without a Contract for Sale is normally undertaken between related parties or in the case where there is no monetary consideration in exchange for such transfer of the real estate or property.
A transfer can be effected for monetary consideration or for no monetary consideration. However, caution should be given to the fact that if a transfer is not for monetary consideration and is for example by way of Court Order (for example a family law property settlement) or by way of Probate or Notice of Death, in the case of an Estate matter or survivorship where the subject property is owned as joint tenants, then additional requisite supporting information and evidence will be required by the Office of State Revenue and the Land Titles Office to substantiate such right to transfer.
If a transfer is undertaken between related parties (such as in the case of a transfer between family members) whether or not by way of Contract for Sale or by way of transfer, stamp duty will still be required to be paid to the Office of State Revenue and an independent valuation for stamp duty purposes from a licensed valuer will be required by the Office of State Revenue. The stamp duty payable will be calculated on the higher of the sum actually paid for such transfer (the consideration)and the valuation price. In the case that no monetary consideration is paid then stamp duty will be based as per the valuation.
The liability to pay Stamp duty is due and payable within three (3)months from the execution date (date of signing of the Contract/Transfer or Dutiable Instrument). Certain exceptions apply such as in off-the plan purchases and you should refer to the Office of State Revenue website for payment guidelines and requirements: www.osr.nsw.gov.au
For pricing and a quote please refer to our ‘Transfer Cost‘ under the ‘Pricing’ menu.