It goes without saying that using a conveyancer is important when buying or selling commercial or residential property. But what about a property or housetitle transfer, where a property owner is simply transferring ownership of their property to another party? The short answer is yes; you can still benefit from using a conveyancer for property transfers. If you’re looking for an experienced conveyancer in Melbourne’s western suburbs to oversee your transfer of property, get in touch with the team at Easy Link Conveyancing. We put our expertise in legal transfers conveyancing to use to ensure the process of transferring property runs smoothly and without incident.
Why People Might Transfer Ownership of a House or Other Property
There are many different reasons why a property owner might transfer ownership of a house or property rather than selling it:
The ending of a marriage might see one party transfer a house to their spouse as part of the divorce settlement.
Ownership of the property might be transferred to a company for taxation purposes.
An individual property owner might request a change of property ownership as a means of minimising business risk.
If a property is joint owned and one of the owners has passed away, necessitating a property title transfer.
Transferring property to family, such as parents choosing to gift their property to their child or children.
A property is left to an individual in a will, known as deceased estate transfer of property
The use of a legal transfers conveyancing specialist can be beneficial for a number of reasons. Though you might not be buying or selling property, a conveyancer can help you navigate through the paperwork and legal documentation, such as the transfer of land document. They can also handle any stamp duty related issues should they arise. A simple house title transfer often incurs reduced conveyancing fees.
Frequently Asked Questions
What is a Property Title?
A property title is a legal document that outlines all specifics about a property and who it’s owned by. A property title transferis necessary in order to legally transfer a property from one party to another.
How Do You Transfer a Property Title?
Land & property transfers can involve a number of steps, including checking to see if there’s a mortgage attached to the property, obtaining a copy of the property title, filling out and submitting a property title transfer form, paying any relevant fees, and waiting for the form to be processed.
Is a Conveyancer Necessary for Property Transfers?
While conveyancers aren’t necessary for property transfers, they can be an invaluable resource to ensure the process proceeds as smoothly as possible. An experienced conveyancer can help to prevent potentially costly mistakes and provide guidance throughout the process.
What Ownership Structures Are There?
When transferring property, it’s important to consider ownership structure. Possible options include outright ownership, joint tenant, tenants in common, trust ownership and company ownership.
How Much Does a Property Transfer Cost?
The cost of land & property transfers can vary depending on the value of the property and other factors. Potential fees you may have to pay include stamp duty, capital gains tax (CGT) and conveyancing fees.