A Simple Guide to Ownership Changes in NSW
Transferring property in NSW is a major legal step, whether you're gifting a home, managing an inheritance, or settling a divorce. Falzon Legal provides the compassionate guidance needed to handle the paperwork and register the change with the NSW Land Registry Services.
What is a Property Title Transfer?
A property title transfer is the formal process of moving ownership of land or a building from one person or entity to another. To be legal, this change must be recorded on the official land title. While usually involving houses, these transfers can also apply to other assets like shares or even companion animals in family law cases.
Common Reasons for Transferring Property
- Family Gifts: Giving a home to your children to help them get started.
- Relationship Changes: Adding a spouse after marriage or removing a partner after a breakup.
- Deceased Estates: Moving property to a beneficiary after a loved one passes away.
- Legal Strategy: Shifting property into a Trust or SMSF for tax or asset protection.
- Court Orders: Compulsory transfers following a legal dispute or financial agreement.
Key Tax Considerations
Changing a title often triggers tax obligations, even if no money changes hands:
- Stamp Duty: Usually paid by the person receiving the property. Exemptions often apply in divorce settlements or transfers between spouses for a family home.
- Capital Gains Tax (CGT): The person giving the property may be liable if it isn’t their primary residence.
- Land Tax: An annual tax that may apply depending on the property's use and value.
The Transfer Process and Documentation
Most transfers in NSW are now handled electronically via the PEXA network. We manage all the essential documents for you, including:
- Transfer Form: The main document that updates the official register.
- Notice of Sale: Notifies authorities like the council of the new owner.
- Identity Verification: A mandatory step to prevent fraud.
- Supporting Evidence: Such as a Will, Court Order, or Valuation Report.
Protecting Your Rights with Caveats
If you aren't on the title but have a legal interest in the home (for example, if you paid for renovations), you can lodge a Caveat. This prevents the owner from selling or transferring the property until your claim is resolved.
Falzon Legal makes the process human and straightforward. We handle the complex legal requirements so you can move forward with confidence.
