Property Transfer

In Victoria, property transfer refers to the legal process of transferring ownership of real estate from one person or entity to another. This typically occurs when a property is bought, sold, gifted or inherited. The process involves several legal, administrative and financial steps, primarily overseen by lawyers and regulated by the government agencies including third party private company.

Transfer Property Between Family

Transferring property between family members in Victoria, follows a similar process to a standard property transfer but can have specific legal and financial considerations such as exemptions from certain taxes, eligibility for reduced stamp duty or waiving certain steps.

Stamp duty is generally payable on property transfers. However, certain family transactions may qualify for stamp duty exemptions or concessions listed as below:

• Spouse Transfers is property transfers between spouses or domestic partners are often exempt from stamp duty which includes transfers as part of property settlements in divorce or separation.
• Other Family Members is transfer between other family members (like siblings or parents to children), stamp duty is generally still payable based on the property’s market value, but some exemptions may apply such as when transferring between spouses for estate planning or joint ownership.

The following are common scenarios for family property transfers:

• Gift of Property is a property that is transferred as a gift from one family member to another such as parents to children.
• Property Settlement is transferred as part of a divorce or separation settlement between spouses or domestic partners.
• Inheritance is transferred to family members as part of an inheritance, often done through a will or probate process.
• Estate Planning transfers between family members as part of succession planning to ensure the smooth transition of assets.