Property Transfers

Not usually. Where no money changes hands there is no sale, and so no contract of sale. What is required is a transfer instrument, evidence of the property’s value, and the duty forms lodged with the State Revenue Office. A written agreement between the parties is still sensible.

It has to be dealt with first. A lender holds a mortgage registered against the title, and that cannot be ignored when ownership changes. In practice the lender either consents to the transfer, or the loan is refinanced into the incoming owner’s name, and that usually sets the timeline.

Often yes, and this surprises people. The Australian Taxation Office treats transferring property from one entity to another as a capital gains event, including transfers between family members, and the gain is generally worked out on market value rather than what was paid. Speak to your accountant first.

Through a transmission application. The executor or administrator applies to have the title transferred, which requires a grant of probate or letters of administration first. Obtaining that grant is legal work handled by a lawyer, separate from the transfer itself.

Less predictable than a sale. A transfer has no contract settlement date driving it, so timing depends on how quickly duty is assessed, the lender responds where there is a mortgage, and the parties return signed documents. Weeks rather than days is a reasonable expectation.