Is it possible to gift a property to a family member?
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Joseph.Cussen
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The quick answer to your question is yes. It is possible to gift a property to a family member. If you’re based in Australia and you’re looking into transferring property to a family member, this process can be done through the transfer of a property title. People have different reasons as to why they decide to transfer property. Some of the most common reasons why people do this include:
These are just some of the reasons why people would choose to gift a property to a family member. And since the process is pretty much similar to the one that applies to other property transfers, it should also be expected that there will be some fees to be settled. Both the original owner and the new owner of the property will have to settle some fees, and here are some of them: (1) CGT or Capital Gains Tax which simply pertains to the tax on profit, (2) Cost of Valuation which is the fee you pay to a certified valuer who will assess your property, and (3) Legal Expenses which covers the costs of hiring a conveyancer to manage the transfer of property.
There are also fees to be paid by the new owner. There’s the stamp duty which is a fee charged by the government to make a change to the title. It’s best to seek the help of experts to know the specifics of exemptions to stamp duty and the specific rules in a particular location. Of course there are also legal fees because the new owner will have to hire a conveyancer.
So, with this kind of transfer, is it still necessary to hire a conveyancer? Yes. Doing so will protect both parties and will ensure that the process fulfills all legalities. Know more about this when you speak with the experts at LEAD Conveyancing Gold Coast.