A property sale culminates on the settlement day. The process of property settlement involves the…
The short answer is ‘yes’. When you are buying or selling property, you will need to work with a conveyancer or solicitor to help you complete the real estate transaction. For those who are simply transferring the property title, conveyancers are still useful. They can help you avoid common pitfalls that can come with title transfer and will ensure that all legal documents are filled out accurately.
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In addition to working with a conveyancer or solicitor, it’s also a good idea to find a real estate agent to assist you when you are buying or selling. Sellers in particular will need a reliable agent to help market their home and show it to potential buyers. Yet even if you aren’t buying or selling property, you will still need to hire a conveyancer or solicitor to assist you if you are going to transfer your property into a different name. It’s helpful to explore this situation a bit further to see how it works.
Reasons For Transferring a Title
There are multiple reasons why someone might need to transfer property into a different name. These include the following:
- A marriage breakdown could require one party to transfer to the other in a property settlement
- A property could be transferred to a company or trust for tax purposes
- An individual may transfer property to their spouse to minimise business risk
- Parents may wish to legally gift property to their children
- One owner of a joint-ownership property may have passed away
Reasons to Use a Conveyancer or Solicitor
Regardless of the reason for transferring a title on property, it’s important to use a solicitor or conveyancer to assist. Transferring property always requires a number of legal documents which the average property owner is unfamiliar with. In most cases there’s also stamp duty to contend with. A conveyancer or solicitor will be able to help you prepare these documents and will advise on whether or not a stamp duty is owed on the transfer.
At times, a transfer of property could require additional preparation of legal documents. If a transfer is to take place between spouses, for example, a statutory declaration must be signed by one of the parties.
Budgeting For the Transfer of a Title
One benefit of using a conveyancer or solicitor to transfer a title into a different name is that it generally incurs lower conveyancing fees. You don’t need to worry about drawing up a Contract of Sale or undertaking the property searches that you would when buying or selling property. The disbursements are therefore lower than if you were buying or selling. In some cases, the conveyancing process will actually be more complex than a regular sale or purchase conveyancing transaction. For example, transferring property into a company or trust can involve more paperwork and be fairly complicated. Your conveyancer or solicitor may charge more for this type of transaction. In some cases you will also need to consult with other professionals, such as an accountant if you are transferring property into another name, as it can involve tax implications.
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