on 09-07-2019 11:56 AM
We have set up the workspace for a related party transfer in NSW.
Husband currently owns principal place of residence in sole name. Parties are refinancing and adding wifes name to title as Joint Tenant.
When we are preparing transfer is this considered a part tenancy transfer?
if so, how do we show the joint share they will ultimately have?
Also, as there is an exemption from stamp duty for this transaction is a value amount required?
on 09-07-2019 02:41 PM
I do not believe so, as the Husband is transferring his 'whole' ownership as Sole Tenant of the property to jointly own the 'whole' of the property jointly with his Wife. Joint Tenancy means owning the 'whole' of the property jointly?
You will need 2 workspace's: 1. Proprietor on Title: Husband
2. Incoming Proprietor: Husband and Wife
Please do correct me if i am wrong.
I believe there is a stamp duty exemption for related party transactions. See Exemption form: https://www.revenue.nsw.gov.au/help-centre/resources-library/oda067.pdf which refers to transfers between Married Couples and De Facto Partners.
Exemption only applies to property which is principle place of residence.
on 09-07-2019 02:47 PM
We have set up the two separate workspaces as we act for both parties but it's the actual creation of the Transfer that we are having difficulties with.
on 09-07-2019 02:59 PM
Oh my apologies, I believe the Transfer is to be created as the 'whole' of the property being transferred, not a fraction.
I hope I have helped