What's happening?
Property is often transferred between family members — for example between spouses or partners, or as part of succession planning within a family. These transactions can raise different considerations to an arm's-length sale, including potential duty concessions and the need for clear documentation of the parties' intentions.
What could it mean for me?
- Family transfers can still attract duty depending on the circumstances and current exemptions
- Clear documentation helps avoid future disputes about the arrangement
- Any existing mortgage needs to be addressed as part of the transfer
- Tax implications should be considered separately with an accountant
What are my options?
- Clarify the intended terms of the transfer with the other family member
- Check whether any duty concession may apply to your circumstances
- Formalise the arrangement in writing to avoid ambiguity later
What happens next?
- Discuss the background and purpose of the transfer
- Confirm any lender requirements
- Prepare transfer documentation
- Lodge documents for registration
How can MGE Lawyers help?
We prepare family property transfers with attention to both the legal requirements and the sensitivities that can come with transactions between relatives.