Everything You Should Know About Property Transferring In Geelong

Everything You Should Know About Property Transferring In Geelong Are you planning to transfer your property to your family or friends, but don’t know how to do it? Then this is for you, the transferring of property to someone without selling may seem like a tough and complex process, but it’s practised commonly. Whether you want to transfer your property to your spouse, or a friend or to provide financial support, you must have proper knowledge about all the things and terms related to property transferring.

That’s why, in this, we are going to discuss everything that you should know about property transferring such as how you transfer a property, what are its types and much more. But before moving any further, it’s important to understand what is a property transfer.

What Is A Property Transfer?

Property Transfer Service Geelong is a process in which an owner of a property transfers his or her property to another entity or a person, such as selling it to someone, transferring it to a family member in inheritance, or naming it to a trust after their death. The process of property transferring involves various legal terminologies such as title deed, change in ownership, tax compliance and much more. Thus, this process must be followed through professional conveyancers to avoid any kind of unforeseen events, including fraud or illegal transferring. But as this is a guide to property transferring, let’s discuss what is the process of property transferring.

The Process of Transferring A Property Title?

In the process of transferring a property title, there’s a property title document of the transferring piece of real estate, it could be a residential home, a building, or a commercial property. The title document has all the necessary information about the property such as its location, its size, its carpet area, the amenities the receiver gets with it and much more.

This process is not as simple as it may sound because it’s much more than just removing the existing owner’s name and adding a new one, there are transferring of the existing loans, the calculation of the capital gains, and much more. All of this makes property transfer a complicated process, thus, you must check all the pointers and get them verified through a good conveyance and various involved financial bodies.

Types Of Property Transfer The most common way of property transfer is buying and selling a property, but many other ways of property transfer do not include buying and selling. Here are some of the types of property transfer which do not involve buying or selling a property.

The first one is gifting a property to a friend or a family member, and then there’s at the time of divorce, a partner transfers ownership to another partner during the settlement, this is facilitated through a property division agreement where both partners receive an equitable share of the concerned asset.

Then in the case of marriage or De Facto partners are on the title, which means that at the time of marriage, the partner who owns a property may consider sharing an equal ownership of the property. Then there’s for estate planning purposes, in which, the property owner wishes to transfer their ownership to their heirs or beneficiaries through a legal mechanism. Lastly, property transfer is done to provide financial support to their children so, they can own a house through which they’ll be able to generate income or use of for their purposes.

What Is the Transfer Duty?

A property transfer duty or a stamp duty is a tax that is taken by the government at the time of buying a property. The same goes for the time of property transfer, this tax is levied by the government and the amount and the criteria are solely decided by the government. Thus, in this, you must take professional advice.

Final Words Now that we have discussed all the major pointers which include all the things that are involved in the process of property transfer such as what property transferring is, what are its types, how it’s done, the process of it and much more. You must keep in mind that this is the same as buying or selling a property because it involves your property, your lifetime asset, at stake. Thus, you must consider getting help from a property conveyance before the property transfer.

And here’s Cahill Conveyancing just to do that, they have a team of experts at conveyancing they provide every kind of service such as pre-purchase advice, selling a property, buying a property and transferring property. They’ll make these complicated processes into simple ones and seamless for you.