Transferring your property to another party may sound like a daunting task for any homeowner. By learning what the process entails, however, you can save yourself the trouble of running into any delays or unforeseen problems. A conveyancing lawyer in Townsville explains some of the things that you have to keep in mind.
When do you need to transfer your property?
There are five common reasons to transfer your property, which include divorce and fulfilling a will or an inheritance. Other practical purposes are saving up on taxes and protecting one’s assets. Another common, albeit obvious reason, is when you want to sell your old home and eventually have to transfer the title to the buyer.
How much money do you have to prepare?
There are three types of charges that property owners should be concerned about when transferring their real estate. First is the capital gains tax, which is based on the current market value of the property. Next is valuation, which is essentially the appraised value of the property. Stamp duty is also another concern, although the buyer usually shoulders it.
Apart from completing the financial requirements to pursue the transfer, it is important to keep yourself abreast of new laws concerning the property transfer. An example is a new policy referred to as the VOI or verification of identity policy, which now requires buyers to do a face-to-face verification process to prevent fraud.
A number of laws govern changing a property’s ownership, and there are taxes and other miscellaneous costs to bear in mind. However, being informed could save you from unnecessary costs and wasting your efforts. A law firm specialising in real estate law would be able to assist you in making the process as smooth as possible.