There are many reasons why a property owner may wish to transfer the ownership to another person or entity and when this happens, there is a protocol to follow. In this short article, we take a look at what is involved when transferring real estate ownership in Australia.
Reasons to transfer property ownership
The following reasons might facilitate real estate transfer ownership:
- To include a spouse or de facto relationship – If you wish to add your partner to the title deeds, you need to fill in a ‘Transfer of Whole of Title Registration’ form, then the person’s name can be added to the property title deeds.
- Transfer as a result of divorce/separation – In the case where a divorce or separation occurs, it might be necessary to remove one party from the title deeds.
- Transfer from parents to children – This legally regarded as a ‘gift’ and the application must include a TR1 (transfer deed), which is sent to the Land Registry Office.
- Transfer to a business entity – Sometimes a person wishes to transfer the ownership of their home to a company they have created. It could, of course, be the other way around, transferring ownership from a business entity to a private individual.
Regardless of the reason, when it comes to transferring home ownership, we recommend seeking a family lawyer with experience in real estate ownership. He or she would be very familiar with the legal protocol and can ensure that the transfer takes place according to the law.
Sourcing a real estate lawyer
Google can help you locate a reputable law firm that specialises in real estate ownership transfer, which is slightly different to selling a property. You can either visit the lawyer at their offices, or you could share a Zoom call when the legal expert can explain the process. Click here for reasons to seek legal advice when buying real estate.
Typically, family law firm would offer the following services:
- Divorce/separation
- Child support & child custody
- Child visitation rights
- Writing a will
- Changing a will
- Contesting a will
- Setting up trusts
- Child adoption
When making any amendments to assets, it is always important to seek out the services of a registered lawyer who can ensure that the paperwork is done correctly.
Real estate conveyancer
This is a legal professional who can facilitate the transfer of ownership of a property; a conveyancing solicitor normally handles the sale of real estate, yet they also handle the transfer of ownership for any reason. There are specific government forms to fill in when transferring ownership and the solicitor would inform you what is required.
To conclude, transferring ownership of real estate must be done according to Australian government guidelines and capital gains tax might be involved. It is best to seek out a legal expert when you wish to transfer the ownership of your home.
