Transferring property to a younger family member, can be a exciting time, to help them, financially, with their living. It could be a mother or father transferring to a son or daughter, a family home for many years, as mum or dad bought another property to move into, for their retirement or semi-retirement.
In a commercial transaction, usually, it needs to be at least $1 in the transaction, able to prepared, execute and settle such a family transfer. However, Stamp Duty is still payable at market value of the property and the State’s Revenue office (Revenue NSW or Revenue Victoria) make a property valuation compulsory when it is related parties transfer (family transfer).
ABS Conveyancing with ABS Realty Valuations can assist you with the family transfer and the property valuation for the stamp duty. Although you transferred the family home to a son or daughter at low sum or money or $1 transaction, stamp duty is payable on the market value of the transfer, with the percentage transfer (100% or other percentage, if parent remaining a part owner), where a property valuation is compulsory.