Transferring property to a family member does not require a Contract; only a Transfer document. The Office of State Revenue requires the transferee (the person ‘purchasing’ the property) to obtain a valuation from a registered property valuer for stamp duty purposes. The transferee is required to pay stamp duty on the higher amount of the current market value or the purchase price.
Following a marriage, a spouse may be added to the title of a property (which is the matrimonial home) free of stamp duty.
Breakdown of Relationship
After a marriage breaks down, a spouse may be required to be removed from the title of a property. Stamp Duty is not payable in this case.
Stamp duty is payable if the removal of a proprietor on the title is not due to marriage breakdown.
A valuation for stamp duty purposes must be obtained from a registered property valuer to calculate the stamp duty which will be payable, dependent upon the share of the property being transferred.