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kmslaw, Solicitor
Category: Australia Law
Satisfied Customers: 191
Experience:  I have 15 years legal experience behind me and I graduated from the University of Sydney with First Class Honours in Arts/Law.
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I have a house my parents currently live in, and I was

Customer Question

I have a house my parents currently live in, and I was living in their house, want to know the best way to make their house mine, and mine theirs, please?
Submitted: 1 month ago.
Category: Australia Law
Expert:  kmslaw replied 1 month ago.

Hello my name is***** am a solicitor in NSW who will help with your inquiry today.

You need to get a solicitor to draw up a Deed of Transfer of Land and prepare a Transfer for lodgement with the Tasmanian Land Titles Office. Just a moment while I get further details about the stamp duty

Expert:  kmslaw replied 1 month ago.

Hi there. There are no exemptions available to families transferring homes into one another's names unfortunately, so you should each get a valuation of the properties being transferred in order that you can supply it to the Department of Treasury and Finance, otherwise they will use a government valuation to evaluate stamp duty.

Has that helped you today? If so, please rate my answer highly. Thanks!

Customer: replied 1 month ago.
I'd rather use government valuation anyway I think as my parents aren't overly open to the idea of transferring the titles. With the deed of transfer do both parties have to be present or sign anything? How much is stamp duty usually and does legal aid deal in property matters?
Expert:  kmslaw replied 1 month ago.

You can each sign a deed of transfer that is separate but if it has a counterpart clause the effect of the clause is that two documents are taken at law to be one document - so you can sign in different places at once. In relation to stamp duty if you give me an estimate of the value of each property I can give you an idea of how much stamp duty will be. It's according to the scale of the value of the property. Can you help with that?

Customer: replied 1 month ago.
Thanks Kylie, the govt valuation that appears on the rates of both properties is around $300k from memory
Expert:  kmslaw replied 1 month ago.

OK let me just check, just a second

Expert:  kmslaw replied 1 month ago.


Is that helpful?

Expert:  kmslaw replied 1 month ago.

Sorry that's $9,935.00 per property if each one is around $300,000 so each party will pay that.