Transferring Property

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Transferring Property 2017-07-26T13:54:52+00:00

Family

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.

Marriage

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.

However…

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.

Buying or Selling a Home Is Likely to Be One of the Biggest Financial Decisions You Will Ever Make

That’s Why It’s Important That You Use an Experienced Conveyancer That You Can Trust