Transfer of Property
A spousal transfer, also known as a transfer of property between spouses or partners, is a legal transaction in which one spouse or partner transfers ownership of a property or asset to the other spouse or partner. This transfer is often related to family law matters, particularly in cases of divorce, separation, or the restructuring of property ownership within a marriage or de facto relationship.
A spousal transfer involves a conveyancing transaction encompassing the following key steps:
Taking Instructions: The process begins with gathering the necessary information and instructions from the involved parties.
Identity Verification: Verification of your identity is conducted, and an authorization process is completed in accordance with conveyancing regulations.
Transfer Preparation: The transfer document is meticulously prepared to facilitate the legal transfer of ownership.
Declaration Preparation: Declarations are prepared to assess the applicable duty on the transaction.
Stamping for Duty Exemption: The agreement is stamped to claim an exemption from duty fees.
Settlement Coordination: The conveyancer coordinates and oversees the settlement process, ensuring that all aspects are in order.
Settlement: The finalization of the transaction, involving the transfer of ownership, takes place.
Confirmation to You: After settlement, you receive confirmation of the completed transaction.
Disbursements, typically ranging from $350 to $500, are charged at the time of settlement. These disbursements cover various expenses such as title searches, PEXA (Property Exchange Australia) fees, and registration fees, among others.
What type of property transaction do you need?
01
Transfer your share of the property to your ex
The transfer of property (family home or investment properties) in exchange for a cash payment is a common occurrence during property settlement after separation or divorce. Simple Separation will manage the transfer documents to ensure the property is rightfully and legally transferred to or from your name. Simple Separation will ensure that the documents comply with legal regulations in your respective territory or state.
***If a mortgage exists over the property, it will need to be discharged (paid out) and a new mortgage taken out in the name of the party to whom the property is being transferred to.
02
Sell the property and split the profits
Simple Separation provides an end to end property sale solution. This includes Preparation of a Section 32, inserting and managing any special conditions, liaising with selling agents, lenders, brokers or purchaser representatives plus finalising disbursements and adjustments.
03
Buy out your share of the property
If you are financially stable and qualify for a loan on your own, buying out your ex may be the right option for you. In this case, you may be able to refinance and extend your mortgage to make the repayments more affordable, increase your home loan to fund your divorce settlement pay-out, and potentially find a better interest rate either with your existing lender or with another lender. A mortgage broker can go over your options for refinancing and even shop around on your behalf.
Simple Separation will liaise with lenders/brokers to speed up settlement and manage the transfer documents to ensure the property is rightfully and legally transferred to your name. Simple Separation will ensure that the documents comply with legal regulations in your respective territory or state.
***If a mortgage exists over the property, it will need to be discharged (paid out) and a new mortgage taken out in the name of the party to whom the property is being transferred to.
FAQs
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You will need to ensure that the transfer of the property must be in accordance with either:
Consent Orders (or Court Order) made under the Family Law Act 1975, OR
A Binding Financial Agreement made under the Family Law Act.
If you require an legal agreement that will help you get a stamp duty exemption, please contact us now.
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If you transfer a share of your property to a former spouse or de facto partner you are NOT liable to pay stamp duty. If you require an legal agreement that will help you get a stamp duty exemption, please contact us now.
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If you are financially stable and qualify for a loan on your own, buying out your ex may be the right option for you.
In this case, you may be able to refinance and extend your mortgage to make the repayments more affordable, increase your home loan to fund your divorce settlement pay-out, and potentially find a better interest rate either with your existing lender or with another lender.
A mortgage broker can go over your options for refinancing and even shop around on your behalf.
We service clients all around Australia including: Melbourne, Sydney, Adelaide, Perth, Brisbane, Hobart, Darwin, Geelong, Newcastle, Gold Coast, Sunshine Coast, Woollongong