It may seem simple in theory but if you want to transfer any property (either whole or in part) to family or friends, you could find yourself tangled in an expensive and complicated process. With years of experience behind them and up-to-date knowledge of the laws of property, finance, and stamp duty, the team of property solicitors and paralegals at McGlinchey and Associates understand the finer legal points of transferring your property to a family member or friend.

How to transfer a property to family or friends

There are a number of things you can do to make the transfer of property go smoothly and McGlinchey and Associates are just the people to help you. The following list outlines the steps involved in transferring a property, the things you need to do, and what we will do to ensure the transfer takes place as easily and stress-free as possible.

What you need to do:

• Organise a home loan and have it approved;
• If you are exiting a loan or refinancing be sure to inform the outgoing lender of the transfer and be sure to check any early exit fees;
• Agree on a price for the property for the title transfer;
• Speak to McGlinchey and Associates and give them instructions for the property transfer;
• Be sure to sign all loan and transfer documents;
• Provide McGlinchey and Associates with the transfer documents and settlement monies, along with payment of stamp duty if applicable.

What McGlinchey and Associates will do:

• Inform you whether or not your transfer is subject to stamp duty;
• Help you arrange a stamp duty valuation if your transfer is liable to stamp duty;
• Prepare the stamp duty exemption form for you to sign if your transfer is exempt from stamp duty;
• Draft the property title transfer documents for you to sign;
• Speak with your lender and review your lending agreement so everything is ready for settlement;
• Attend settlement to ensure all title documents are correct;
• Organise the lodgement of transfer along with stamp duty exemption forms or payment of stamp duty;
• Pay settlement monies;
• If financing is not needed, lodge the transfer and notice of sale with the Department of Land and send your Title Deed (additional fees may apply);
• Send you a final reporting letter;
• Retain your file for seven years (as required by law).