{"id":2507,"date":"2024-09-20T08:52:27","date_gmt":"2024-09-19T22:52:27","guid":{"rendered":"https:\/\/www.csavaluers.com.au\/?p=2507"},"modified":"2024-09-20T10:21:59","modified_gmt":"2024-09-20T00:21:59","slug":"property-valuations-for-property-transfer-within-the-family","status":"publish","type":"post","link":"https:\/\/www.csavaluers.com.au\/property-valuations-for-property-transfer-within-the-family\/","title":{"rendered":"Property Valuations for Property Transfer within the Family"},"content":{"rendered":"
Find out about Stamp or Transfer Duty when transferring property to a family member either by gifting or selling the property.<\/p>\n
When there\u2019s a relationship between the vendor and purchaser there\u2019s a requirement by the Office of State Revenue to provide valuation by either a real estate agent or a Registered Property Valuer. The valuation is used to assess the correct market value on which to assess the amount of stamp duty payable. It\u2019s also wise to have a valuation and expert advice simply in fairness to all parties when family relationships are involved.<\/p>\n
Siblings jointly own a unit and one wants to buy the other out which means their share would need to be transferred to the other sibling.<\/p>\n
We see transfers occurring for asset protection, shifting percentages of ownership between spouses e.g. 1% of the house to one and 99% to the other.<\/p>\n
Parents gifting property to children. Doing the transfer, they want to be fair and equitable amongst family members.<\/p>\n
Transfer of ownership for legal or taxation reasons. These property valuation requests often come from solicitors and accountants.<\/p>\n