Do I Need a Property Conveyancer If I’m Transferring a Property Title?
What kinds of property transactions do you need to use a property conveyancer for? If you’re transferring a property title to a family member is it necessary to hire a property conveyancer for legal guidance?
Property conveyancing is the legal action of moving the official land title ownership from one owner to another. Can you do it yourself? In short – yes, you can do your own conveyancing. Though the laws around property transactions are strict and complicated, not one of them states that you must use a property conveyancer to conduct the legal aspects of your property transaction. However, choosing not to use one could lead to serious financial faults if you are not careful.
When do I need to hire a property conveyancer?
Property title transfers can be conducted in several different ways. Regardless of the reason or method of transfer, the process always requires a number of legal documents which the average property owner is probably fairly unfamiliar with. In most cases, there’s also stamp duty to deal with. A property conveyancer will help you prepare these documents and advise on whether or not a stamp duty applies to the transfer. As a legal transaction, it’s crucial to ensure you’re properly informed and understand exactly what you’re committing to.
But what if I’m just transferring a property title to a spouse or family member?
As the name suggests, a property title transfer occurs when the title of a property is transferred from one person to another. Though this transfer often happens as a sale, there are other ways to transfer property title. For example, title transfers may occur when:
- Parents want to give their property to their children instead of putting it in a will;
- A couple is looking to change ownership shares in investment properties;
- Parents want to help their children by gifting them property;
- A marriage has broken down;
- The co-owner of a property passes away; or
- Property is left in a loved one’s will.
Although these kinds of real estate transfers are not property sales, they must still be conducted in a way that complies with all property laws in your state or territory. Any mistakes could cause significant delays to the process and could land you in court if any information in the transfer documents is false or misleading. For that reason, it is always advisable to have a property conveyancer, such as Jim’s Property Conveyancing to guide you through the transaction.
Budgeting for the transfer of a title
Even if you choose not to use a conveyancer to conduct your property title transfer, there are still conveyancing fees to pay. In some cases, the conveyancing process for a title transfer will be more complex than a regular sale conveyancing transaction. For example, transferring property into a company or trust may involve more paperwork and, depending on the exact circumstances, it can be a fairly complicated process. As a result, your conveyancer may charge more for this type of transaction. It’s worth noting that although property conveyancing fees can be higher in certain circumstances, the expense reflects the work involved in the transaction and not hiring a conveyancer can end up costing you significantly more in the future if you miss vital information or make errors with contracts.
The property transfer process
Mistakes or oversights can result in long, costly legal issues when organising a property title transfer. This is why getting it done right the first time is so important.
Are you considering transferring the title of your property? Get in contact with Jim’s Property Conveyancing as soon as you decide to start the process. We can help you by:
- Preparing and lodging sale and property transfer documents specific to your circumstances;
- Advising you whether or not stamp duty is payable;
- Conducting a title search to look for anything that will delay or prevent the sale;
- Preparing the transfer of land; and
- Liaising with your financial institution.
Jim’s Property Conveyancing Melbourne and Property Conveyancing Brisbane and can provide you with comprehensive advice and assistance moving through your property transaction. Please contact our friendly and experienced staff on 13 15 46.
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