Transfer of Property Title as a Result of a Property Settlement

It is often the case that as a result of a property settlement, one of the parties will retain a house and the other will be paid a sum of money that reflects their interest in the property. To encourage and help facilitate this option Commonwealth and State Laws have been passed which essentially mean that where there is a transfer of title in a property as a result of a formal property settlement from the name of both parties into the name of one of the parties then no stamp duty is payable.

It is important that a party who is intending to take over the title of a property, makes inquiries with their bank (where there is a mortgage) to ensure that they will in fact be able to meet the financial commitments of a new mortgage as well as any upfront payments to be made to the other party.

Costs involved

Contact our Family Law Team to help you through this process.