Transferring property in Brisbane
Have you ever thought about transferring the title of your property in Brisbane rather than sell it on the open market? It’s not a common occurrence and some people don’t realise it’s an option. Below are four events that we often see a title transfer rather than a sale.
Transferring property in Brisbane by gifting it to a loved one
A title transfer for a property in Brisbane can occur when a parent chooses to transfer ownership to their child/children. For example, parents may gift a property to their child and can do so by changing the names on the property title deed.
Transferring property due to a relationship severance
Joint property owners may need to transfer their share to the other party if there is a relationship breakdown. For example, divorce, separation, or even an investment partnership split. Essentially this sees one partner buy the share in the property from the other partner.
Transferring property in Brisbane due to the death of the title holder
If the title holder was a sole owner, the property title will be transferred to the beneficiary. Alternatively, if the property was jointly owned (more than one person is listed on the title deed), then the ownership of the property in Brisbane generally transfers to the remaining owner.
Transferring property in Brisbane for tax purposes and/or asset protection
Property is an investment and there are many things to consider including tax deductions, future tax liabilities, capital gains tax, and asset protection. As your circumstances change, the pay offs to hold on to your investment property may change too. For example, owners may choose to transfer their ownership to a company or a trust to protect it from any claims made against them personally.
Title transfer for property in Brisbane is not to be done without first understanding the implications. There are costs involved with transferring property title deeds, not least of which is that it will trigger transfer duty*. Another consideration is getting an independent market appraisal of the property before transferring ownership (Blocksidge Real Estate can do a free sales appraisal of your Brisbane property for you). This is especially important where one owner is buying out the other owner(s) to ensure a fair price is paid. On top of these, there can also be conveyancing/legal fees and mortgage fees during the transfer process. However, transferring titles for property in Brisbane can be the best option for some property owners. To determine if it is right for you speak to a knowledgeable real estate agent and/or conveyancer and/or accountant.
* Transfer duty is different for each state/territory around Australia. Here is some information from the Queensland Government with regards to transfer duty in Queensland.
