Hello,
What's the best way to transfer my property to another person (friend) without lawyers or Conveyancer at the minimum costs possible?
If you could explain how and where to do it, that would be great. Please advice the time frame and all fees and tax that I may require to pay.
Thanks
Have you thought about marrying your friend and divorcing some time later and give the property to them then. That is some dodgy shit but this forum is getting really weird.
I'm a big fan of doing things myself. I have done several of my own conveyances. But I am concerned that you think you have the wherewithal to do this yourself but do not seem to grasp the concept of a Will (ie something that will only take affect after your death), unable to locate the stamp duties calculator on the relevant state government website, stamp duties exemptions/concessions on the legal database in your state, and capital gains tax instructions (ATO website for broad guidance, but also in Division 104 of the Income Tax Assessment Act 1997 for more detailed analysis).
The ATO is also data matching this sort of information now too, so if they see that you have disposed of an asset and this doesn't correspond to the CGT disclosure on your tax return, it will flag with them to audit you. A lot of this is automatic now, so your chance of dodgying this up through your tax return and getting away with it is slim.
one conveyancer told me to add my friend name to the title and you will pay only 50% Stamp Duty. So, I am thinking about this option as well.
As you have done your own conveyances before, could you please tell me what title search mean exactly? what's the point of doing it? as so many solicitors keep mentioning title search when I've contacted them! I don't know why they need to do it while I have my CT on me.
no you don't need to do a title search if you have the CT. a title search is a printout of a record in the government's electronic title database showing you ownership and interests on the land in question. as you know you own it you don't need to check the governments database.
In most states you actually do need to provide a Title Search that has been run in the last 3-6 months, even if you hold an original CT, because you need provide proof of current registered interests on the title & that no one has recently registered an interest on the title that may affect the sale/transfer. Your original CT might be 16 years old for example and anything could have happened with the property in that time.
The title search outlines whose name the property is in, whether there are any encumbrances on the land (ie easements, caveats, mortgages etc). Mortgages and caveats would need to be discharged prior to transfer. You also need the actual certificate of title to transfer the land, and if you had a mortgage over the land previously and not discharged this mortgage then chances are the bank holds the actual title currently.
Use a conveyancer. Will cost about $1000. Do it yourself at your own peril. Not recommended.
Do you pay stamp duty on houses in NSW?
In Sth Aus you pay SD on the value and pretty sure even if you just transfer the title to someone they pay SD
Yes we pay SD in NSW and it is the buyer responsibility but my friend doesn't have money to pay for it and I really wish to spend CGT+SD on something else instead of giving it away to the gov :)
One thing i forgot to tell you, if you want to minimise CGT, you could add your wife name (if you have one) before the transfer. Adding spouse to tittle is free of charge except transfer fee. This should be less than $1000, even cheaper if you DIY. If both of you don't have high income jobs and the CGT/2, it will be reduced significantly.
In NSW and ACT, you can only add your wife/husband/partner for 'free' (i.e. exempt from duty) if it is your principal place of residence.
CGT is waived if the home you are selling is simply just your family home. You only need to prove that the property had a house on it & that you and your family lived there to be eligible for the exemption. You can prove that simply by presenting mail/bills with you & your partners name on it. You don't need to go to lengths like registering wife/spouse/etc… on the title as well.
Really there isn't anything here that you can't do that a lawyer can do, except that you need to be relatively intelligent, have a good grasp of language, understand what you are reading, know where to look for information, and be very diligent learning all this. Most of the time it's just not worth it, 1k isn't that much if you aren't going to be moving property around regularly. For other things it can be feasible but not for this, and not for you
OK… OP I've read everything you've had to say, and I think I've got the following assumptions from your posts:
1) English is not your first language… you seem to have trouble grasping some basic English terminology.
2) Your 'friend' will be acquiring an asset worth thousands of dollars from you for free, yet you still don't want them (or you) paying any money.
3) Neither party has the money to pay stamp duty and capital gains tax.
4) You are prepared to give this friend of yours rights to the property via a will, with seemingly very little concern to your welfare (this would give your 'friend' a lot of motivation to kill you, and you don't seem concerned by this at all.
Mate, something's up. Are you under duress? Are you being blackmailed?
If someone is forcing you to do this, you need to speak to the police straight away!
Are you thinking of suicide?
Whatever it is, someone can help you.
But whatever it is, how about you tell us so at least some us here can help you or point you in the right direction?
I'm concerned for your welfare, and whatever the problem is you definitely need help solving it… because what you've thought of so far isn't a solution.
Out of interest what is the cheapest lawyer fees for conveyancing that anyone has seen?
As the vendor I've been quoted $600 by a solicitor in QLD, pretty happy with that.
However the solicitor says I need to contact the bank for discharge of mortgage, but the bank says the solicitor does it. Maybe its a "NSW bank" vs "QLD solicitor" thing?
Just a heads-up, IME you should never skimp on conveyancing; get a good solicitor, not just a cheap one. The overall difference is usually negligible anyway, especially in comparison to the purchase costs.
This is one area where you very well might need recourse down the track sometime, so you want to use someone you know will still be there when you need them! Just my $0.02 worth. ;)
Does anyone have any experience in giving away property that still has a mortgage on it (for interest-only, rent covers repayments)? What would be all the costs/taxes involved?
You'd need to sort out paying off the mortgage first, then once done, you'd have to organise a discharge with the bank. Once that was settled, you could transfer the property (assuming you understood how to do it), assuming no issues with caveats/encumbrances.
Just be mindful that any errors in lodging the correct paperwork with the state government means you'll have to re-lodge the paperwork at a cost of anywhere between $35-$155 a pop & they wont give shit how many times you have to re-do it. I've seen people in the LPI in NSW and LTO in SA attempt to lodge things up to 4 times, then get told to have a registered conveyancer do it for them instead, anyway. They'll hold things up for weeks and months at a time sorting out corrections in the process, too.
I think you're right. Since I understand there's no way around CGT or stamp duty in Australia anyway, even when gifting (since market value and not sale value is assessed by the government).
20 years ago here in Qld, husband and I bought out our housemate. I changed the property from tenants in common to joint tenancy just the 2 of us. Pretty simple. See a jp and go to lands office was all I did. This thread has me worried now. How can I check that all is as it should be?
Yep, this is one of the most simple things you can do with a title & requires no conveyancer/solicitor/etc… to get done. Most states it just requires verified identity, a valid witness and then a single document signed and handed in at the relevant state land office for a small fee.
Phew! My anxiiety levels just went right down! Thanks, infinite!
Didn't they (land titles) give you the new title back after they registered the transfer? Or at least an electronic print out (not sure when electronic titles came in in QLD)?
Possibly.so long ago.
Sounds like a dodgy money laundering racket.
is your friend married? if not just "live together" as a "couple" for a year. and then separate. and do property settlement where you relinquish the property to your friend.
This sounds super dodgy.
You own 2 houses yet don't know how/where to research how to transfer a title? Your first thought is to turn to an online forum as opposed to using the resources you used to obtain the first 2 houses? How did you get to the point of having enough money to own houses?
You want to give your friend a house for helping out? You could sell it and buy him a case of beer and he'd be stoked I'm sure. You don't just give someone hundreds of thousands of dollars unless they literally saved you and your entire family.. or you're like in massive gambling debt to him or something like that.
I'd be curious to know what's really happening here. Someone else above mentioned maybe you're thinking of suicide, or are in some sort of trouble. Do look for help outside if you need it, the resources are here to help. Feel free to PM me if you need help, can help direct you to the right place if you need it.
Hahaha as I have mentioned earlier that it is not a house BUT it is just a very small studio apartment. So your guys here assuming it is big huge house that worth 100's thousands dollars.
Further more, there's nothing wrong to give someone a gift if you wish to, no matter how cheap or expensive it is. I don't know why all of you drifting away of the main topic and trying to analysis my personality instead of providing a useful advise that's straight to the point. Maybe the current life style has shaped people these days to be selfish and take and never give, I honestly have no idea why people becoming more greedy everyday without a good valid reason.
The point of turning this to an online forum is get help, save money and it will be some kind of guide for anyone in the future who might wish to do a transfer to family or friend for free or money :)
If you all are lover of paying unnecessarily fees to dick and harry then please be my guest and pay my solicitor fees :) as you all seemed to not care about spending $1000 here and there.
Someone has mentioned that you might be spending a lot of money by resubmitting paper work to LPI multiple times. I believe that might happen to someone who might be drunk or refuses to use his/her brain otherwise you will get it right from the first go and please don't tell me it is hard.
Just remember one thing, there's a very good strategy that makes rich people get more richer and poor people remain poor or get poorer. It is information strategy, that works by giving others so much information that mostly not needed! and it is enough to make them think "Oh my god" How can I do all of that by myself? then you hit them with the magic line "you will need to get a professional help" hahahahaha
Thanks everyone for your time and help, I have done the transfer and paid the stamp duty without buying DIY conveyance kit or getting legal advice, I enjoy taking risks, it makes life more interesting.
It was done by 4 simple steps (get property valued - pay stamp duty - complete Transfer without monetary consideration form 01TWC - Complete eNos form) Done.
By the way, don't do it yourself you MUST use solicitor to do it for you or get legal advise otherwise you will be spending sooooooooo much money if things go the wrong way.
Thank you
Good for you OP.
I too am surprised at how many people on this thread keep making unhelpful personal judgments.
How difficult is it to change the name on a property title?
This is a classic example when you are better served by contacting a solicitor, as opposed to listening to the Internet noise starting with: "my uncle once…". Find a solicitor specialising in property law & conveyancing who offers free first consultation, and you will get your answer fast. Do not rely on what people say here, each case is different.
There is a chance you will need to pay stamp duty too
A very very high chance, and potentially cgt.
How about letting your friend live there on an extended lease and leave it to him in your will?
If you really want to give it to your friend NOW and not after you die (it's possible you'll outlive him/her which defeats the purpose of all this) why don't you just sell the property now and give your friend the money, or give let your friend live in it rent free, or if they already have a place let them take the rent income. What do you think your friends going to do with the property anyway? Imagine going through all this and paying stamp duty and CGT only to find out he/she decides to sell the property right away and paying stamp duty again.