Top Tips for Transferring your House to your Spouse
It is quite common for couples, either married or in a de facto relationship as well as recently separated, to transfer all or part of the ownership of their matrimonial home between partners or former partners.
However, it is not all plain sailing and requires almost as much commitment as the relationship itself!
If you are considering a transfer of your matrimonial home, here are some tips from our Conveyancing Team.
Matrimonial homes are transferred between couples for a variety of reasons including tax or legal purposes. There are several steps involved and HLC can make this process easy for you.
A matrimonial home is the shared principle place of residence of a married or de facto couple or the most recent shared principal place of residence of a separated couple.
So, how much does it all cost? Luckily for some the Stamp Duties Act allows for the transfer of a matrimonial home FREE OF STAMP DUTY for couples who satisfy several conditions. Some of the conditions to be met include but are not limited to:
· The couple are or were recently married to each other
· The couple has been or have been recently living as a de facto couple, including same-sex de facto couples, and cohabitating in a relationship for not less than two years.
If you think you meet this criteria but you’re not sure what to do next call our Conveyancing Team and speak to one of our Licensed Conveyancers to commence the transfer process. It only takes a few minutes to obtain the details required and your Conveyancer will prepare the necessary legal documents while liaising with your financier(s) to ensure that this is a stress-free experience for you.
Please ensure to obtain the right advice from the right professional as these transfers can be quite involved. If they are not completed correctly they can become a very expensive and emotionally draining transaction.