Related Party Transfer

What is a related party transfer? A related party transfer refers to the process of transferring a property or a part share of a property to a related party. Related parties include spouses, family members or people in a business or personal relationship.

If you want to transfer a property you own or a part share thereof to a spouse, family member or friend, we can assist you with this. If a contract is required, Orbit Conveyancing can assist you with this also. A related party means, the parties to the transfer are related by either by, blood, marriage, in a business or personal relationship.

It is important that full particulars and all relevant information/documentation is provided to your settlement agent. Orbit conveyancing is a team of reliable conveyancers that you feel comfortable discussing your private affairs. who enable a thorough and smooth transaction process.

A contract for sale may not be necessary in some cases. If a Family Court Order is involved stating that one party is to receive full ownership of the property a Transfer of Land document is all that is required. The same applies if the property is to be gifted to a family member.

Related Party Transfers can take approximately five to six weeks to complete as the Transfer involves necessary steps to carefully prepare documents that must be submitted to State Revenue for stamp duty assessment. From there it will be forwarded to the Valuer General’s Department who determines the true and correct value of the property (rather than the agree price between the related parties) and stamp duty is calculated accordingly.

Depending on the nature of the transfer and its urgency you may be able to shorten the time by first obtaining a valuation from a licensed valuer and the report is then submit for assessment of duty.